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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, April 6, 2015, Vol. 16, No. 66

                            Headlines

B U L G A R I A

CORPORATE COMM'L: License Appeal Tossed; Insolvency Case to Begin


F R A N C E

RIVOLI PAN 1: Doc Amendment No Impact on Moody's Notes' Ratings


G E R M A N Y

HSH NORDBANK: To Draw on EUR2.1 Billion in State Guarantees


G R E E C E

ALPHA BANK: Fitch Affirms 'B-' Ratings on Covered Bond Programs
GREECE: Will Repay Loan Tranche on April 9; Bailout Talks Ongoing
NATIONAL BANK OF GREECE: Fitch Lowers Long-Term IDR to 'CCC'


I R E L A N D

BROOKLANDS EURO 2004-1: Fitch Withdraws 'Dsf' Rating on 2 Notes
CVC CORDATUS V: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
IRISH BANK: Liquidators to Proceed with Legal Action v. Fingleton
MERCATOR CLO I: Moody's Affirms B1 Rating on EUR22MM Cl B-2 Notes
SETANTA INSURANCE: Case Outcome to Determine Insurance Payouts

VALLAURIS II: Moody's Affirms B1 Rating on Class IV Notes


I T A L Y

CASSA DI RISPARMIO: Moody's Affirms Ba2 Ratings; Outlook Negative
MONTE DEI PASCHI: Prosecutor Completes Nomura Derivative Probe
MONTE DEI PASCHI: Fitch Upgrades Viability Rating to 'b-'


K A Z A K H S T A N

ALTYN BANK: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
KAZKOMMERTSBANK: S&P Keeps 'B' ICR on CreditWatch Negative


N E T H E R L A N D S

DRYDEN 35: Moody's Rates EUR14.5-Mil. Class F Notes B2
HALCYON STRUCTURED 2006-I: Moody's Affirms Ba2 Rating on E Notes


P O R T U G A L

* Moody's Says Portugal to Benefit from Broad Structural Reforms


R U S S I A

BASHKORTOSTAN REPUBLIC: S&P Affirms Then Withdraws BB+ ICR
GIVA INSURANCE: S&P Puts 'B+' Rating on CreditWatch Negative
METALLOINVEST JSC: Moody's Affirms 'Ba2' CFR, Outlook Stable
PERESVET BANK: Fitch Assigns 'B+' LT Foreign Currency IDR
SIBUR HOLDING: Moody's Confirms 'Ba1' CFR; Outlook Negative

SOVCOMFLOT JSC: Moody's Confirms 'Ba2' CFR; Outlook Negative
VIMPELCOM LTD: Moody's Confirms 'Ba3' CFR; Outlook Stable


S L O V E N I A

AERO: Files for Receivership Following EUR7.7MM 2014 Loss


S P A I N

ABANCA CORPORACION: Fitch Affirms 'BB+' IDR; Outlook Stable
BANCO MARE: Fitch Affirms 'BB+' IDR, Outlook Negative
BANCO POPULAR ESPANOL: Moody's Rates AT1 Securities 'Caa1(hyb)'
BANKIA SA: Fitch Raises Viability Rating to 'bb+'
LIBERBANK SA: Fitch Affirms 'BB+' IDR; Outlook Negative

SPAIN: Bad Bank Doubles Losses to EUR585 Million in 2014


S W I T Z E R L A N D

DUFRY AG: S&P Puts 'BB+' CCR on CreditWatch Negative
DUFRY AG: Fitch Lowers IDR to 'BB-'; Outlook Negative


U K R A I N E

DELTA BANK: Vorushylin Says Liquidation Worst Case Scenario
UKRLANDFARMING PLC: S&P Lowers CCR to 'CC'; Outlook Negative


U N I T E D   K I N G D O M

KEMBLE WATER: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
PETERBOROUGH PLC: Moody's Cuts Rating on GBP446MM Bonds to Ba3
RMAC 2006-NS3: Moody's Raises Rating on Class B1c Notes to B1


X X X X X X X X

* BOND PRICING: For the Week March 30, 2015 to April 3, 2015


                            *********


===============
B U L G A R I A
===============


CORPORATE COMM'L: License Appeal Tossed; Insolvency Case to Begin
-----------------------------------------------------------------
Novinite.com reports that the Supreme Administrative Court (SAC)
in Bulgaria has definitively refused to consider an appeal
against the revocation of the banking license of Corporate
Commercial Bank, opening the way for an insolvency case against
the collapsed lender to proceed.

The appeal against the Bulgarian central bank's decision to
withdraw the license had been filed by KTB's majority owner,
Bromak EOOD, Novinite.com relates.  The Bulgarian Acquisition
Company II, another Corpbank shareholder, and Vera Ahundova, a
representative of a group of KTB depositors who suffered losses
from the bank's closure, supported the appeal, Novinite.com
notes.

A five-judge panel at the SAC headed by court chairman
Georgi Kolev ruled on April 2 that KTB's shareholders hold "no
legal interest" in appealing, Novinite.com relays.

According to Novinite.com, the ruling, which is final and cannot
be appealed, opens the way for an insolvency lawsuit against KTB
to proceed at the Sofia City Court.

Bulgaria's central bank revoked KTB's banking license and asked
the SCC to declare it insolvent in November of last year but
Bromak's appeal at the SAC has stalled proceedings on the
insolvency case, Novinite.com recounts.

                About Corporate Commercial Bank AD

Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.



===========
F R A N C E
===========


RIVOLI PAN 1: Doc Amendment No Impact on Moody's Notes' Ratings
---------------------------------------------------------------
Moody's Investors Service announced that an amendment to
documentation of FCT Rivoli Pan Europe 1 (the French Issuer),
would not, in and of itself and as of this time, result in the
downgrade or withdrawal of the ratings of the notes issued by
RIVOLI Pan Europe 1 plc.

The change in documentation would allow the French Issuer, the
option of selling the remaining loans. Any opportunity to sell a
loan would be evaluated by the special servicer, Hatfield Philips
International Limited. The special servicer's recommendation
would then require approval from the French Issuer's management
company, ABC Gestion in consultation with the French Issuer's
servicer, Credit Agricole Corporate and Investment Bank. Any
offer below par plus interest and fees would not be accepted
unless the French Issuer granted consent.

The ability to sell the loan and not just the underlying assets
has become a standard feature in recent CMBS 2.0 deals, and can
offer greater flexibility when considering a viable workout
strategy.

Moody's has determined that the change in documentation, in and
of itself and at this time, will not result in the downgrade or
withdrawal of the note ratings currently assigned to RIVOLI Pan
Europe 1 plc. However, Moody's opinion addresses only the credit
impact associated with the proposed amendment, and Moody's is not
expressing any opinion as to whether the amendment has, or could
have, other non-credit related effects that may have a
detrimental impact on the interests of note holders and/or
counterparties.

The last rating action for RIVOLI Pan Europe 1 plc was taken on
November 2014 when the Class A notes were upgraded to A1 (sf) and
the class X notes affirmed at Ba3 (sf).

The principal methodology used in this rating was "Moody's
Approach to Rating EMEA CMBS Transactions" published in December
2013.



=============
G E R M A N Y
=============


HSH NORDBANK: To Draw on EUR2.1 Billion in State Guarantees
-----------------------------------------------------------
James Shotter at The Financial Times reports that HSH Nordbank
said it expected to draw on EUR2.1 billion in state guarantees.

The world's largest provider of shipping loans had to be bailed
out by its state owners, Hamburg and Schleswig Holstein, after
the financial crisis precipitated a collapse in global trade,
which in turn put pressure on shipping groups and caused large
numbers of shipping loans to go bad, the FT recounts.

The north German bank is supported by a EUR10 billion state
guarantee that is still awaiting final approval from the European
Commission, the FT states.  HSH had expected to use EUR1.3
billion in guarantees between 2019 and 2025, before raising its
projection to EUR1.6 billion last April, the FT notes.

In its annual report, which was published on April, the bank said
that the latest increase in its expected aid requirement was
because of the fall in value of the euro against the dollar, as
well as lower estimates of ship charter rates, the FT relates.

HSH, the FT says, is hoping that the European Commission's
decision into the validity of the guarantee program will be
completed by the middle of this year.

HSH reported net earnings of EUR160 million for 2014, up from a
net loss of EUR769 million in 2013, and the first time that the
bank had turned a profit since 2010, the FT discloses.

                       About HSH Nordbank

HSH Nordbank -- http://www.hsh-nordbank.com/-- is a commercial
bank in northern Europe with headquarters in Hamburg as well as
Kiel, Germany.  It is active in corporate and private banking.
HSH's main focus is on shipping, transportation, real estate and
renewable energy.



===========
G R E E C E
===========


ALPHA BANK: Fitch Affirms 'B-' Ratings on Covered Bond Programs
---------------------------------------------------------------
Fitch Ratings has affirmed the 'B-' ratings on four Greek bank
covered bond programs and removed them from Rating Watch Negative
(RWN). The covered bonds are issued by Alpha Bank AE (Alpha,
CCC/C, Viability Rating (VR): ccc), National Bank of Greece S.A.
(NBG, CCC/C; VR: ccc), which has Programme I and Programme II,
and Piraeus Bank S.A. (Piraeus, CCC/C, VR: ccc). The Outlook on
all four programmes is Negative.

The rating action follows the downgrade of the Greek banks'
Issuer Default Ratings (IDR) to 'CCC' from 'B-'/RWN

KEY RATING DRIVERS

The ratings of Alpha's and NBG's Programme II covered bonds are
constrained by the asset percentage (AP) that Fitch relies upon:
the maximum legal 95% for Alpha and the 80% that the issuer
commits to in its latest investor report (February 2015) for NBG.
This level of protection allows only a one-notch uplift above the
'CCC+' tested rating on a probability of default (PD) basis,
given by the IDR as adjusted by the IDR uplift of 1, and provides
no more than 70% recoveries given default.

Covered bond ratings are capped at the lower of the structured
finance rating cap (SF rating cap) and the Country Ceiling, which
are both 'B-' for Greece. The 'B-' rating of the covered bonds
issued by NBG under Programme I and Piraeus are limited by the SF
rating cap. Although the AP that the issuers commit to (70% for
NBG Programme I (February 2015) and 61.3% for Piraeus (January
2015)) would allow the covered bonds to achieve two notches above
the 'CCC+' tested rating on a PD basis, the ratings are
constrained by the SF cap at 'B-'.

The constraints imposed by the AP commitment and SF rating cap
and the Greek Country Ceiling currently do not allow NBG
Programme II and Piraeus to gain any benefit from the conditional
pass-through liability structure.

The 'B-' breakeven AP for all programmes is 95%, in line with the
maximum AP allowed by the Greek covered bond law. The Negative
Outlook on the ratings of Alpha's, NBG's and Piraeus's
outstanding covered bonds reflects the deteriorating performance
of the assets.

RATING SENSITIVITIES

The 'B-' rating of the Greek covered bonds are vulnerable to a
downgrade if (i) the number of notches represented by the IDR
uplift and the D-Cap falls to zero; or (ii) the Greek Country
Ceiling is revised lower by one notch or more.

The rating of the covered bonds issued by Alpha and NBG are also
vulnerable to s downgrade if the IDR of the issuers is downgraded
by one or more notches, while Piraeus's would be downgraded if
the IDR of the bank is downgraded below 'CC'.

The Fitch breakeven AP for the covered bond rating will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuance. Therefore the
breakeven AP to maintain the covered bond rating cannot be
assumed to remain stable over time.


GREECE: Will Repay Loan Tranche on April 9; Bailout Talks Ongoing
-----------------------------------------------------------------
Reuters reports that Greece will repay a loan tranche to the
International Monetary Fund on time on April 9, its deputy
finance minister said on April 3, seeking to quell fears of
default after a flurry of contradictory statements on the issue
in recent days.

Greece is fast running out of cash and its euro zone and
International Monetary Fund lenders have frozen bailout aid until
the new leftist-led government reaches agreement on a package of
reforms, Reuters notes.

That prompted the interior minister to suggest last week that
Athens would prioritize wages and pensions over the roughly
EUR450 million (US$490 million) payment to the IMF, though the
government denied that was its stance, Reuters states.

Euro zone officials then quoted Greece as saying it will run out
of money on April 9, which the finance ministry denied, Reuters
relays.

Athens has not received bailout funds since August last year and
has resorted to measures such as borrowing from state entities
via repo transactions to tide it through the cash crunch, Reuters
discloses.

The government, Reuters says, is hoping approval of its latest
reforms package will unlock remaining aid of EUR7.2 billion under
its EU/IMF bailout and lead to the return of about EUR1.9 billion
in profits made by the European Central Bank on Greek bonds.

                      Bailout Negotiations

Marcus Bensasson at Bloomberg News, citing three officials with
knowledge of a conference call of finance ministry deputies on
April 1, reports that Greece and euro-area authorities pledged to
press ahead with efforts to reach an agreement.  Greece sent more
details on its budget and economic proposals ahead of the call,
including combating tax evasion and streamlining public
administration, Bloomberg discloses.

Greece and euro-area authorities are in negotiations about a
package of measures proposed by the government to repair its
economy, a condition for the release of bailout funds, Bloomberg
relates.  The standoff has left the nation's banks dependent on
European Central Bank loans, with Greece facing the risk of a
possible default within weeks and a potential exit from the euro
area, Bloomberg notes.

"There is a cash shortfall problem if there isn't any
disbursement to Greece," Alberto Gallo, head of European macro-
credit research at Royal Bank of Scotland Group Plc, said in a
Bloomberg TV interview.  "I think this reform plan is a good
step.  It goes deep enough on the technical details; it can be
deepened even more."


NATIONAL BANK OF GREECE: Fitch Lowers Long-Term IDR to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded National Bank of Greece S.A.'s
(NBG), Piraeus Bank, S.A.'s (Piraeus), Eurobank Ergasias S.A.'s
(Eurobank) and Alpha Bank AE's (Alpha) Long-term Issuer Default
Ratings (IDR) to 'CCC' from 'B-' and Viability Ratings (VRs) to
'ccc' from 'b-'.  At the same time, the four banks' ratings have
been removed from Rating Watch Negative (RWN).

The rating actions follow the downgrade of Greece's sovereign
rating on March 27, 2015, and reflect Greece's weaker economic
prospects, which put the banks' asset quality and solvency at
further material risk.  The downgrades also reflect pressures on
funding and liquidity as we expect deposit outflows at best to
continue until a compromise deal between Greece and its creditors
is reached.

KEY RATING DRIVERS -- IDRS, SENIOR DEBT AND VRS

The banks' Long-term IDRs and senior debt ratings are driven by
their standalone credit fundamentals, as expressed by their VRs.

The 'ccc' VRs reflects Fitch's view that failure risk at these
banks is a real possibility given funding, liquidity and solvency
pressures in the context of the exceptionally challenging
domestic operating environment, with potential further
deterioration in loan quality, as well as direct exposure to the
weakened Greek sovereign.

The deterioration in operating conditions increases the risk to
Greek banks' already weak funding and liquidity due to continued
deposit outflows, whilst repo markets remain closed.  The system
has lost EUR24bn of domestic private sector deposits since
November 2014, or 15% of the total, in line with Fitch's
expectations. As a result, central bank funding increased to
EUR104bn at end-February 2015 (26% of system assets), of which
63% is from the Emergency Liquidity Assistance (ELA).  Remaining
ELA collateral buffers (around 35% of system domestic private
sector deposits) seem sufficient to face additional deposit
outflows, but will come under more pressure as loan quality
deteriorates.  Moreover, ELA is only available temporarily for
solvent banks and its capacity is subject to approval by the ECB.
This makes the funding and liquidity of Greek banks extremely
sensitive to any changes in the ECB's supervisory arm's opinion
of the banks' solvency.

The banks' senior debt ratings are in line with their IDRs, based
on Recovery Ratings of 'RR4', reflecting Fitch's assumptions that
recoveries would remain at average levels in the event of
default.

RATING SENSITIVITIES - IDRS, SENIOR DEBT AND VRS

Greek banks' Long-term IDRs are sensitive to changes in the
factors affecting their VRs.  The VRs would be downgraded if
sovereign risk increases.  They would also be downgraded if the
ECB's view of their solvency changed or if the ECB otherwise
decided not to permit an ELA extension, which would likely
trigger bank default.  Fitch assumes that failure of the
sovereign to reach a compromise deal with its creditors will have
further negative implications for the banks' solvency, funding
and liquidity.  The latter would be likely to include protracted
and potentially heightened deposit outflows that could ultimately
lead to restrictions on the banking sector to reduce liquidity
strains, especially if ELA funding is restricted.

The ratings and Recovery Ratings of senior debt issued by the
banks and/or their issuing vehicles are primarily sensitive to
encumbered asset levels, collateral constraints and/or Fitch's
assumptions of recovery prospects, which may be affected by
depositor preference amid the implementation of the Bank Recovery
and Resolution Directive (BRRD).

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR

The banks' Support Ratings of '5' and SRFs of 'No Floor' reflect
our expectation that while future support from the state is
possible, it cannot be relied upon given the limited resources at
Greece's disposal.

In Fitch's opinion, Greek banks' SRs and SRFs are unlikely to be
revised upwards given the limited ability of the Greek
authorities to provide support.  In addition, Fitch believes
there is intent to reduce the propensity of state support for
financial institutions in the EU, as evidenced by a series of
legislative, regulatory and policy initiatives, including the
BRRD and the Single Resolution Mechanism.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND
OTHER HYBRID SECURITIES

The banks' subordinated debt is notched twice from their VRs due
to weak recovery prospects, as reflected by the affirmation of
the 'RR6' Recovery Rating.  Following the VR downgrades,
subordinated debt ratings have been downgraded to 'C'.
Subordinated debt ratings could be upgraded if the banks' VRs are
upgraded.

Hybrid capital, which is currently not performing, has been
affirmed at 'C'/'RR6' and even if it returns to performing
status, economic losses are likely to be severe, which makes a
rating change unlikely even if the VR is upgraded.

Recovery Ratings are sensitive to valuation and availability of
free assets and the breakdown between unsecured and secured
liabilities.

KEY RATING DRIVERS AND SENSITIVITIES - STATE GUARANTEED DEBT

The long-term state-guaranteed debt of NBG and Eurobank has been
downgraded to 'CCC', in line with Greece's Long-term IDR.  State-
guaranteed debt issues are senior unsecured instruments that bear
the full guarantee of Greece.  Consequently, their ratings are
the highest of the issuer's Long-term IDR and Greece's Long-term
foreign currency IDR.  These banks' state-guaranteed debt ratings
are sensitive to any changes to Greece's sovereign ratings.

The rating actions are:

NBG:

Long-term IDR: downgraded to 'CCC' from 'B-'; removed from RWN
Short-term IDR: downgraded to 'C' from 'B'; removed from RWN
VR: downgraded to 'ccc' from 'b-'; removed from RWN
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Senior notes: downgraded to 'CCC'/'RR4' from 'B-'/'RR4'; removed
from RWN
Short-term senior notes: downgraded to 'C' from 'B'; removed from
RWN
Hybrid capital: affirmed at 'C'/'RR6'
State-guaranteed debt: downgraded to 'CCC' from 'B'
NBG Finance plc:
Long-term senior unsecured debt rating: downgraded to 'CCC'/'RR4'
from 'B-'/'RR4'; removed from RWN
Short-term senior unsecured debt rating: downgraded to 'C' from
'B'; removed from RWN

Piraeus Bank:

Long-term IDR: downgraded to 'CCC' from 'B-'; removed from RWN
Short-term IDR: downgraded to 'C' from 'B'; removed from RWN
VR: downgraded to 'ccc' from 'b-'; removed from RWN
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Long-term senior unsecured debt rating: downgraded to 'CCC'/'RR4'
from 'B-'/'RR4'; removed from RWN
Short-term senior unsecured debt rating: downgraded to 'C' from
'B'; removed from RWN
Commercial paper: downgraded to 'C' from 'B'; removed from RWN
Piraeus Group Finance PLC:
Long-term senior unsecured debt rating: downgraded to 'CCC'/'RR4'
from 'B-'/'RR4'; removed from RWN
Short-term senior unsecured debt rating: downgraded to 'C' from
'B'; removed from RWN

Alpha Bank:

Long-term IDR: downgraded to 'CCC' from 'B-'; removed from RWN
Short-term IDR: downgraded to 'C' from 'B'; removed from RWN
VR: downgraded to 'ccc' from 'b-'; removed from RWN
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Long-term senior unsecured debt rating: downgraded to 'CCC'/'RR4'
from 'B-'/'RR4'; removed from RWN
Short-term senior unsecured debt rating: downgraded to 'C' from
'B'; removed from RWN
Market-linked senior notes: downgraded to 'CCCemr'/'RR4' from 'B-
emr'/'RR4'; removed from RWN
Hybrid capital: affirmed at 'C'/'RR6'
Alpha Credit Group PLC:
Long-term senior unsecured debt rating: downgraded to 'CCC'/'RR4'
from 'B-'/'RR4'; removed from RWN
Short-term senior unsecured debt rating: downgraded to 'C' from
'B'; removed from RWN
Subordinated notes: downgraded to 'C'/'RR6' from 'CC'/'RR6';
removed from RWN

Eurobank:

Long-term IDR: downgraded to 'CCC' from 'B-'; removed from RWN
Short-term IDR: downgraded to 'C' from 'B'; removed from RWN
VR: downgraded to 'ccc' from 'b-'; removed from RWN
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Senior notes: downgraded to 'CCC'/'RR4' from 'B-'/'RR4'; removed
from RWN
Short-term senior notes: downgraded to 'C' from 'B'; removed from
RWN
Market-linked senior notes: downgraded to 'CCCemr'/'RR4' from 'B-
emr'/'RR4'; removed from RWN
Commercial paper: downgraded to 'C' from 'B'; removed from RWN
Subordinated notes: downgraded to 'C'/'RR6' from 'CC'/'RR6';
removed from RWN
Hybrid capital: affirmed at 'C'/'RR6'
Long-term state-guaranteed debt: downgraded to 'CCC' from 'B'
Short-term state-guaranteed debt: downgraded to 'C' from 'B'
ERB Hellas PLC:
Long-term senior unsecured debt rating: downgraded to 'CCC'/'RR4'
from 'B-'/'RR4'; removed from RWN
Short-term senior unsecured debt rating: downgraded to 'C' from
'B'; removed from RWN
Long-term state-guaranteed debt: downgraded to 'CCC' from 'B'
Short-term state-guaranteed debt: downgraded to 'C' from 'B'

ERB Hellas (Cayman Islands) Ltd.:

Long-term senior unsecured debt rating: downgraded to 'CCC'/'RR4'
from 'B-'/'RR4'; removed from RWN
Short-term senior unsecured debt rating: downgraded to 'C' from
'B'; removed from RWN
Long-term state-guaranteed debt: downgraded to 'CCC' from 'B'
Short-term state-guaranteed debt: downgraded to 'C' from 'B'



=============
I R E L A N D
=============


BROOKLANDS EURO 2004-1: Fitch Withdraws 'Dsf' Rating on 2 Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn all Brooklands Euro Referenced Linked
Notes 2004-1 Limited's remaining ratings as:

Class D (XS0193143590): withdrawn at 'Dsf'
Class F (XS0193143913): withdrawn at 'Dsf'

The class D and F notes are the only notes remaining in the
transaction and rated 'Dsf' Fitch has withdrawn the ratings in
line with its policies and procedures.

KEY RATING DRIVERS

On March 20, 2015, the class A2, B, CE and CY notes were redeemed
in full.  The class D notes were not redeemed in full and EUR1m
was left outstanding to cover one credit protection payment that
has yet to be made.

The class F note had been fully, and the class D note partially,
written down to make credit protection payments.  This is
reflected in the 'Dsf' ratings, which were last affirmed on
Feb. 3, 2015.


CVC CORDATUS V: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund V Limited notes
expected ratings, as follows:

Class A-1: 'AAA(EXP)sf'; Outlook Stable
Class A-1: 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA(EXP)sf'; Outlook Stable
Class B-2: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.

CVC Cordatus Loan Fund V Limited is an arbitrage cash flow
collateralised loan obligation.

KEY RATING DRIVERS

Average Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions on all obligors in the
indicative portfolio. The covenanted minimum Fitch weighted
average rating factor (WARF) for assigning expected ratings is
34.0. The WARF of the identified portfolio is 33.8.

High Recovery Expectation

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to all of the assets
in the identified portfolio. The covenanted minimum weighted
average recovery rate (WARR) for assigning expected ratings is
66.0%. The WARR of the identified portfolio is 66.6%.

Unhedged Non-euro Assets Exposure

The transaction is allowed to invest up to 2.5% of the portfolio
in non-euro-denominated assets. Unhedged non-euro assets are
limited to a maximum exposure of 2.5% of the portfolio subject to
principal haircuts. The manager can only invest in unhedged
assets if, after the applicable haircuts, the aggregate balance
of the assets is above the reinvestment target par balance.

Partial Interest Rate Hedge

Between 0% and 10% of the portfolio can be invested in fixed rate
assets, while fixed rate liabilities account for 3.7%. Therefore,
the transaction is partially hedged against rising interest
rates.

TRANSACTION SUMMARY

Net proceeds from the notes will be used to purchase a EUR450
million portfolio of European leveraged loans. The portfolio will
be managed by CVC Credit Partners Group Limited. The transaction
will have a four year re-investment period scheduled to end in
2019.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.


IRISH BANK: Liquidators to Proceed with Legal Action v. Fingleton
-----------------------------------------------------------------
Colm Keena at The Irish Times reports that the joint special
liquidators of the Irish Bank Resolution Corporation have said
they intend to continue with the bank's legal action against the
former chief executive of Irish Nationwide, Michael Fingleton.

In a statement, the liquidators, Eamonn Richardson and Kieran
Wallace, confirmed that the bank has settled its legal action
against former directors of the society in connection with losses
sustained by the society, The Irish Times relates.  The
settlement arose in mediation talks and included an undisclosed
payment from the former directors, The Irish Times discloses.
The former directors involved are Michael Walsh, Terence Cooney,
David Brophy and John Purcell, The Irish Times relays.

According to The Irish Times, the State-owned bank had claimed
the former directors had failed to properly discharge their
duties and that these failures caused or contributed to the
losses sustained by Irish Nationwide.

In 2013, the Commercial Court was told that there was an unusual
management structure at Nationwide where the board delegated all
of its powers by resolution to Mr. Fingleton, giving him
significant autonomy on lending and decision-making, The Irish
Times recounts.

The liquidators also said on April 1 that the process where
Eugene F. Collins solicitors is looking into matters concerning
the performance of the former auditors to the society, KPMG, was
continuing and that the outcome of that review is expected within
the next three months, The Irish Times discloses.  As part of
this process, accountancy firm BDO is reviewing the audit of
Irish Nationwide by KPMG, The Irish Times states.

                    About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.


MERCATOR CLO I: Moody's Affirms B1 Rating on EUR22MM Cl B-2 Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings on the following
notes issued by Mercator CLO I Plc:

  -- EUR24 million (currently EUR20.39M outstanding) Class A-3
     Deferrable Senior Secured Floating Rate Notes due 2023,
     Upgraded to Aaa (sf); previously on Sep 29, 2014 Upgraded to
     Aa1 (sf)

  -- EUR18 million Class B-1 Deferrable Senior Secured Floating
     Rate Notes due 2023, Upgraded to A1 (sf); previously on Sep
     29, 2014 Upgraded to Baa1 (sf)

Moody's also affirmed the ratings on the following notes issued
by Mercator CLO I Plc:

  -- EUR22 million (currently EUR21.98M outstanding) Class B-2
     Deferrable Senior Secured Floating Rate Notes due 2023,
     Affirmed B1 (sf); previously on Sep 29, 2014 Affirmed B1
     (sf)

Mercator CLO I Plc, issued in April 2006, is a Collateralised
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield European senior secured loans. The portfolio is managed by
NAC Management (Cayman) Limited. The transaction's reinvestment
period ended in July 2011.

According to Moody's, the upgrade of the notes is primarily a
result of continued deleveraging of the senior notes and
subsequent increase in the overcollateralization (the "OC
ratios"). Moody's notes that as of the January 2015 payment date
report, the Class A-2 notes have repaid in full and the class A-3
notes have amortized by approximately EUR3.6 million (or 15% of
its original balance). As a result of this deleveraging, the OC
ratios of the senior notes have significantly increased. As per
the latest trustee report dated February 2015, the Class A-3 and
Class B-1 OC ratios are 327% and 174% respectively versus
December 2014 levels of 217% and 151%.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of approximately
EUR59.2 million, defaulted par of EUR0, a weighted average
default probability of 24.13% (consistent with a WARF of 3502
with a weighted average life of 4.0 years), a weighted average
recovery rate upon default of 47.5% for a Aaa liability target
rating, a diversity score of 9 and a weighted average spread of
3.88%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 92.3% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the remainder non first-lien loan corporate assets would recover
15%. In each case, historical and market performance and a
collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Additional uncertainty about performance is due to the following:

(1) Portfolio amortization: The main source of uncertainty in
     this transaction is the pace of amortization of the
     underlying portfolio, which can vary significantly depending
     on market conditions and have a significant impact on the
     notes' ratings. Amortization could accelerate as a
     consequence of high loan prepayment levels or collateral
     sales by the collateral manager or be delayed by an increase
     in loan amend-and-extend restructurings. Fast amortization
     would usually benefit the ratings of the notes beginning
     with the notes having the highest prepayment priority.

(2) Recovery of defaulted assets: Market value fluctuations in
     trustee-reported defaulted assets and those Moody's assumes
     have defaulted can result in volatility in the deal's over-
     collateralization levels. Further, the timing of recoveries
     and the manager's decision whether to work out or sell
     defaulted assets can also result in additional uncertainty.
     Moody's analyzed defaulted recoveries assuming the lower of
     the market price or the recovery rate to account for
     potential volatility in market prices. Recoveries higher
     than Moody's expectations would have a positive impact on
     the notes' ratings.

(3) Around 30.11% of the collateral pool consists of debt
     obligations whose credit quality Moody's has been assessed
     by using credit estimates. As part of its base case, Moody's
     has stressed large concentrations of single obligors bearing
     a credit estimate as described in "Updated Approach to the
     Usage of Credit Estimates in Rated Transactions," published
     in October 2009.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


SETANTA INSURANCE: Case Outcome to Determine Insurance Payouts
--------------------------------------------------------------
Peter O'Dwyer at Irish Examiner reports that the outcome of an
imminent legal case may determine the level of compensation
customers of the former Setanta Insurance will be paid -- with
costs potentially climbing to multiples of the original figure.

The dispute centers on whether or not the Motor Insurers' Bureau
of Ireland (MIBI) is liable for claims of the Maltese-registered
insurer, which went into liquidation last April, Irish Examiner
notes.

According to Irish Examiner, the challenge to the attorney
general's advice that MIBI would not foot part of the potential
EUR90-million bill has been thrown into doubt after the Law
Society expressed concern.

The matter is now set to be thrashed out in the High Court, Irish
Examiner discloses.

The liquidator of Setanta Insurance, Paul Mercieca, told the
Oireachtas finance committee on April 1 he expects the sale of
the insurer's assets to cover just 30% of the cost of claims,
Irish Examiner relates.

If MIBI -- established in 1955 to compensate victims of road
traffic accidents caused by uninsured vehicles -- is found to be
liable, customers are in line for the shortfall to be covered in
full by the bureau, Irish Examiner states.

Although the bureau only covers third-party claims, these make up
more than 85% of the 1,669 total, Irish Examiner notes.

If, however, the original situation, whereby the Insurance
Compensation Fund, which can pay out a maximum of 65% of a claim,
comes into play again to make up the remainder, customers are
likely to lose out, Irish Examiner says.

Setanta Insurance was a Maltese-registered insurer.  It provided
private and commercial motor insurance policies to Irish
consumers and sold exclusively through 230 brokers.


VALLAURIS II: Moody's Affirms B1 Rating on Class IV Notes
---------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of notes issued by Vallauris II CLO PLC:

  -- EUR25.4 million Class III Mezzanine Deferrable Interest
     Floating Rate Notes due 2022, Upgraded to A3 (sf);
     previously on Jun 27, 2014 Affirmed Baa2 (sf)

  -- EUR52.3 million (current balance EUR40.0M) Class II Senior
     Floating Rate Notes due 2022, Affirmed Aaa (sf); previously
     on Jun 27, 2014 Upgraded to Aaa (sf)

  -- EUR8.9 million Class IV Mezzanine Deferrable Interest
     Floating Rate Notes due 2022, Affirmed B1 (sf); previously
     on Jun 27, 2014 Affirmed B1 (sf)

Vallauris II CLO PLC, issued in July 2006, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European senior secured loans managed by
Natixis Asset Management. This transaction's reinvestment period
ended in July 2012.

The rating actions are primarily a result of the amortization of
the portfolio and subsequent increase in collateralization
ratios. Moody's notes that the rated liabilities paid down by
EUR40.4 million since the last rating action in June 2014,
leading to a significant increase in the overcollateralization
ratios (or "OC ratios") of the senior notes. As per the trustee
report dated February 2015, the Class II, III, and IV OC ratios
are reported at 206.36%, 126.17%, and 111.05%, compared to
May 2014 levels of 153.86%, 116.79%, and 107.73% respectively.

Reported WARF has improved from 2744 to 2555 between May 2014 and
February 2015, the weighted average spread of the portfolio has
declined marginally from 3.96% to 3.86%, and defaults have
reduced from EUR28.8 million to EUR15.8 million over this period.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
EUR pool with performing par and principal proceeds balance of
EUR67.735 million and defaulted par of EUR15.816 million, a
weighted average default probability of 21.78% (consistent with a
WARF of 2861 over a weighted average life of 4.96 years), a
weighted average recovery rate upon default of 46.61% for a Aaa
liability target rating, a diversity score of 11 and a weighted
average spread of 3.86%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 90.33% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non-first lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were within two notches of the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

(1) Portfolio amortization: The main source of uncertainty in
     this transaction is the pace of amortization of the
     underlying portfolio, which can vary significantly depending
     on market conditions and have a significant impact on the
     notes' ratings. Amortization could accelerate as a
     consequence of high loan prepayment levels or collateral
     sales by the collateral manager or be delayed by an increase
     in loan amend-and-extend restructurings. Fast amortization
     would usually benefit the ratings of the notes beginning
     with the notes having the highest prepayment priority.

(2) Around 6.2% of the collateral pool consists of debt
     obligations whose credit quality Moody's has assessed by
     using credit estimates. As part of its base case, Moody's
     has stressed large concentrations of single obligors bearing
     a credit estimate as described in "Updated Approach to the
     Usage of Credit Estimates in Rated Transactions," published
     in October 2009.

(3) Recoveries on defaulted assets: Market value fluctuations in
     trustee-reported defaulted assets and those Moody's assumes
     have defaulted can result in volatility in the deal's over-
     collateralization levels. Further, the timing of recoveries
     and the manager's decision whether to work out or sell
     defaulted assets can also result in additional uncertainty.
     Moody's analyzed defaulted recoveries assuming the lower of
     the market price or the recovery rate to account for
     potential volatility in market prices. Recoveries higher
     than Moody's expectations would have a positive impact on
     the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



=========
I T A L Y
=========


CASSA DI RISPARMIO: Moody's Affirms Ba2 Ratings; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service confirmed Cassa di Risparmio di
Bolzano-Sudtiroler Sparkasse's (CariBolzano) Ba2 long-term
deposit and issuer ratings and Not-prime short-term deposit
ratings. The confirmation follows the conclusion of the review
for upgrade on the deposit ratings which was initiated on
March 17, 2015. The outlook is now negative.

At the same time, CariBolzano's standalone baseline credit
assessment (BCA) was downgraded to b1 from ba2.

Moody's says that the two-notch downgrade of the BCA primarily
reflects the bank's announcement on March 24th that it had
incurred a EUR231 million net loss (unconsolidated) in 2014,
following loan-loss provisions of EUR344 million. A significant
deterioration of problem loans, partly driven by more
conservative loan-classification criteria introduced in 2014, and
reserve coverage strengthening by 11 percentage points to an
above-peer 43% level (as reported by the bank) prompted the high
loan-loss provisions.

Moody's expects a significant reduction of net losses and a
slower pace of asset-risk deterioration in 2015, based on
expected flat GDP growth in Italy (Baa2 stable) in 2015 after
several years of recession.

Moody's estimates that the net loss reduced the bank's capital
ratios to a level at or below the regulatory requirements.
However, the rating agency believes the bank's controlling
Foundation will support a capital strengthening to restore a
Common Equity Tier (CET) 1 ratio close to 10% by the year-end, a
level that Moody's considers sufficient.

The confirmation of the bank's Ba2 issuer and deposit ratings
concludes the review for upgrade initiated on March 17, 2015 and
reflects 1) the downgrade of the BCA to b1 and 2) the application
of the advanced LGF analysis under Moody's bank rating
methodology. Moody's believes that the substantial volume of
deposits and debt themselves -- as well as subordinated debt --
provide loss absorption such that CariBolzano's deposits and
senior debt are likely to face very low LGF. Moody's estimates
junior deposits, senior debt and subordinated debt comprise about
48% of the bank's tangible banking assets in failure. This
results in a Preliminary Rating Assessment (PRA) two notches
above the BCA. Moody's expectation of a low probability of
government support provides no further uplift to the Ba2 ratings.

The negative outlook incorporates the uncertainties and
challenges of the expected recovery of the bank's profitability
and solvency profile.

Moody's could adjust the standalone BCA upward, if the bank is
able to (1) return to profit generation; (2) strengthen its CET1
ratio above 10%; and (3) reduce problem loans. A higher BCA could
result in an upgrade of the bank's issuer and deposit ratings.

Conversely, Moody's could adjust the standalone BCA downward, if
the bank is unable to (1) restore CET1 ratio above 9%; or (2)
stabilize problem loans. A lowering of the standalone BCA could
lead to a downgrade of the bank's issuer and deposit ratings.

The principal methodology used in these ratings was Banks
published in March 2015.


MONTE DEI PASCHI: Prosecutor Completes Nomura Derivative Probe
--------------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that a Milan prosecutor
completed an investigation into a derivative contract arranged by
Nomura Holdings Inc to allegedly hide Banca Monte dei Paschi di
Siena SpA losses in its 2009 accounts.

According to Bloomberg, prosecutor Francesco Greco said in a
statement on April 3 the two banks, former managers of Monte
Paschi, an ex-chief executive officer of Nomura International and
a current manager at Nomura are suspected of false accounting and
market manipulation.

The investigation revealed Monte Paschi used the transaction
dubbed Alexandria "to hide more than EUR300 million of losses not
reported in its 2009 income statement," the prosecutor, as cited
by Bloomberg, said.

Monte Paschi, the world's oldest bank, had to restate its
accounts in 2013 to reflect a loss that had allegedly been masked
by the Nomura transaction and a similar deal with another lender,
Bloomberg recounts.

Monte Paschi, which has been bailed out twice by Italy, is now
seeking to plug a EUR2.1 billion (US$2.3 billion) capital gap
that emerged in the European Central Bank's health-check by
raising EUR3 billion from investors, Bloomberg discloses.

                   About Monte dei Paschi

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.


MONTE DEI PASCHI: Fitch Upgrades Viability Rating to 'b-'
---------------------------------------------------------
Fitch Ratings has affirmed Intesa Sanpaolo's (IntesaSP) and
UniCredit's Long-term and Short-term Issuer Default Ratings
(IDRs) at 'BBB+'/'F2' and Banca Monte dei Paschi di Siena's (MPS)
IDRs at 'BBB'/'F3'.  Fitch has also downgraded UBI Banca's (UBI)
IDRs to 'BBB'/'F3' from 'BBB+'/'F2' and its Viability Rating (VR)
to 'bbb' from 'bbb+'.  MPS's VR has been upgraded to 'b-' from
'ccc'.

The Outlooks on UniCredit's and UBI's Long-term IDRs have been
revised to Stable from Negative.  The Outlook on IntesaSP's Long-
term IDR is Stable.  The Outlook on the Long-term IDR of MPS is
Negative.

The rating actions follow a periodic review of the four banking
groups.

KEY RATING DRIVERS AND RATING SENSITIVITIES -SUPPORT RATINGS AND
SUPPORT RATING FLOORS (SRF) - INTESASP, UNICREDIT, UBI BANCA, MPS

The affirmation of the 'BBB' SRFs reflects Fitch's assessment of
support available from Italian authorities for the country's
largest banks given their domestic systemic importance.

The four banks' SRs and SRFs are sensitive to Fitch's assumptions
around either the ability or propensity of Italy to provide
timely support.  Fitch has assessed that the propensity of the
Italian state to provide support is weakening and the ratings are
therefore primarily sensitive to further progress made in
implementing the Bank Recovery and Resolution Directive (BRRD)
and the Single Resolution Mechanism (SRM) for eurozone banks.
The directive requires 'bail in' of creditors by 2016 before an
insolvent bank can be recapitalized with state funds.  A
functioning SRM and progress on making banks 'resolvable' without
jeopardizing the wider financial system are areas of focus for
eurozone policymakers.  Once these are operational they will
become an overriding rating factor, as the likelihood of banks'
senior creditors receiving full support from the sovereign if
ever required, despite their systemic importance, will diminish
substantially, unless mitigating factors emerge.

The BRRD is being enacted into EU legislation and progress on
establishing the SRM is being made to the point that Fitch
expects to downgrade the banks' SRs to '5' and revise the SRFs
downwards to 'No Floor' during 2Q15.

The Italian state's ability to provide timely support to the
banks is dependent upon its creditworthiness, reflected in its
Long-term IDR of 'BBB+'/Stable.  A downgrade of Italy's sovereign
rating would reflect a weakened ability of the state to provide
support and therefore likely result in the downward revision of
the large Italian banks' SRFs.

MPS

KEY RATING DRIVERS AND SENSITIVITIES - IDRs AND SENIOR DEBT

MPS's IDRs and senior debt ratings are driven by their SR and SRF
and therefore consider Fitch's assessment of the high likelihood
of support being made available to MPS from the Italian
authorities in case of need.  They reflect MPS's domestic
systemic importance.

As the IDRs are driven by the bank's SR and SRF, they are
predominantly sensitive to the same considerations.  The Negative
Outlook on the Long-term IDR therefore reflects Fitch's view of
reducing likelihood support from the sovereign.  Fitch expects to
revise MPS's SRF in 2Q15, at which point its Long- and Short-term
IDRs and senior debt ratings would likely be downgraded to the
level of its VR.  The IDRs will also factor in Fitch's assessment
of the level of protection offered to MPS's senior creditors by
outstanding loss absorbing junior instruments and will also
consider the bank's plans to raise junior debt.

KEY RATING DRIVERS - VR

The upgrade of MPS's VR reflects the significant capital raised
by the bank in 2014 and about to be raised in 2015 and the
progress it has made in improving its pre-impairment operating
profitability.  Nonetheless, MPS's asset quality remains weak, a
factor which Fitch considers to be of higher importance in its
assessment of the bank's VR

Impaired loans accounted for approximately 30% of gross loans at
end-2014 and place significant pressure on both the bank's
profitability and capitalization.  Fitch expects MPS's asset
quality to continue to deteriorate, albeit at a reduced pace, and
that additional loan impairment charges (LICs) will have to be
made as loans season.  The bank reported a EUR5.3 billion net
loss in 2014 after LICs of EUR8.3 billion, nearly 6.5x its pre-
impairment operating profit.  Fitch acknowledges that a large
part (EUR6 billion) of the LICs reported in 2014 is non-recurring
as they reflect the adjustments required by the European
regulator.

However, Fitch believes that it will be challenging for MPS to
return to operating profitability unless management undertakes
significant actions to reduce the stock of impaired loans through
sales, which in the absence of a meaningful secondary market for
doubtful loans disposals are likely to be undertaken below book
value, and reduce LICs.  Fitch believes therefore that overall
performance will remain structurally weak in the medium term.

Capitalization also remains a relative weakness despite the EUR5
billion capital increase received in July 2014 and the additional
EUR3 billion received in 2Q15.  Fitch does not consider these
amounts sufficient to stabilize MPS's financial condition,
particularly if asset quality continues to deteriorate.  At end-
2014, unreserved impaired loans accounted for a very high 250% of
Fitch core capital (FCC; on a proforma basis including the EUR3bn
capital increase), which in our opinion represents a key
vulnerability and a limiting factor to any meaningful turnaround
of the bank.

RATING SENSITIVITIES ? VR

The VR would be downgraded if further losses eroded capital
materially, indicating the bank's non-viability despite the
significant capital injections received in 2014 and 2015.

An upgrade of MPS's VR would require a material improvement in
asset quality and a sustainable turnaround in profitability.

IntesaSP

KEY RATING DRIVERS - IDRS, SENIOR DEBT AND VR

IntesaSP's IDRs are driven by its VR.  The ratings reflect its
robust capitalization and low leverage, which are key factors in
assessing is standalone creditworthiness.  They also consider its
solid funding profile and recovering operating performance.

In reaching its assessment of IntesaSP's VR, Fitch has also
considered IntesaSP's relatively weak asset quality, which
reflects the strong recession in Italy since 2011 given
IntesaSP's domestic focus.

At end-2014, the bank reported a phased-in CET1 ratio of 13.6%
which compares well with domestic and international peers.  The
bank's regulatory leverage ratio of above 7% is robust and among
the highest reported by international peers in the same rating
category.

However, the bank's capital remains exposed to movements in asset
prices as a result of the relatively high ratio of unreserved
impaired loans to CET1 (70% at end-2014).  Fitch do not expect
this figure to substantially diminish during 2015, despite the
group's dedicated strategy and organization in the management of
impaired loans.

The bank's funding is resilient and adequately diversified.  It
remains supported by IntesaSP's capability to retain depositors
through its large domestic franchise and to access the
international wholesale markets for various debt classes and
maturities.  Central bank funding utilization, mainly in the form
of T-LTRO amounts to 2%-3% of total assets, which is below the
average of its domestic peers.  Liquidity is also sound and
regulatory ratios consistently above the minimum.

IntesaSP's profitability recovered in 2014 supported by a
resilient net interest income, the double digit growth of
recurrent commission income and strict control over operating
costs.  Fitch expects the group's pre-impairment profitability to
remain among the strongest domestically, while reduced pressure
from loan impairment charges should further support bottom-line
profitability in the coming quarters.  Fitch believes that
IntesaSP's ability to adapt its strategic objectives to the
structural changes that took place during the last economic cycle
in the domestic operating environment is above average and its
execution capability contributed to the recovery of the group's
profitability.

Gross impaired loans at over 16% of gross loans at end-2014 are
high by international standards and Fitch does not expect them to
decrease materially in the coming quarters, although the group's
recently strengthened focus on the management of non-core assets
should bring some benefits.  Loan loss reserves at above 55% are
high among Italian peers and are complemented by adequate
collateral, primarily in the form of real estate.

The rating of the senior debt issued by IntesaSP's funding
vehicles, Intesa Sanpaolo Bank Ireland, Societe Europeenne de
Banque SA and Intesa Funding LLC is equalised with that of the
parent since it is unconditionally and irrevocably guaranteed by
IntesaSP and is sensitive to the same considerations as the
senior unsecured debt issued by the parent.

RATING SENSITIVITIES - IDRS, SENIOR DEBT AND VR

IntesaSP's IDR is sensitive to movements in its VR.  The Stable
Outlook reflects Fitch's expectations that profitability will
continue to recover supported by revenue diversification and
rigid costs control protecting the bank's robust capital position
Fitch considers IntesaSP's credit profile to be closely linked to
the sovereign's as the bulk of the group's operations are located
in Italy.  IntesaSP would therefore be sensitive to a downgrade
of the sovereign rating, which would result in a downgrade of the
bank's VR and Long-term IDR.  Any currently unexpected material
erosion of the bank's capitalization or deterioration in
liquidity could also result in a downgrade of IntesaSP's VR.

An upgrade of Italy's Long-term IDR would likely but not
automatically trigger an upgrade of IntesaSP's VR and Long-term
IDR. However, this would also require a marked reduction of the
stock of impaired loans and of the group's capital-at-risk from
the unreserved portion of this stock.

UBI

KEY RATING DRIVERS - IDRS, SENIOR DEBT AND VR

UBI's IDRs are based on its VR.  The downgrade of UBI's VR and
IDRs reflects the bank's deteriorated asset quality with a level
of net impaired loans that by end-2014 had increased to a high
90% of FCC.  UBI's ratings continue to reflect its sound
capitalization, stable funding and liquidity, low risk appetite
and sound franchise.  The ratings also take into consideration
the recovery in its operating profitability.

UBI's FCC ratio of 13.5% at end-2014, its estimated FLB3 ratio of
above 11.5% and its leverage ratio indicate a comfortable capital
position.

However, UBI's impaired loans have materially risen during the
domestic recession.  Gross impaired loans reached a high 13% of
gross loans at end-2014.  This figure is better than average in
Italy, reflecting its operations in wealthy northern Italy and
its adequate underwriting policies, but is weak when compared
internationally.  The reserve coverage of impaired loans takes
into consideration the high proportion of collateral backing its
loans, which predominantly consist of long-term loans, backed by
real estate, written at low loan-to-values.  Furthermore, the
bank has a more active write-off practice than generally seen in
Italy. Fitch views positively the adequacy of UBI's coverage
levels from the outcome of the ECB transparency exercise in 2014,
which required limited additional provisioning compared with its
domestic peers.

UBI's pre-impairment operating profitability shows some
improvement but its ability to generate earnings is weaker than
its higher rated domestic peers with a wider domestic and
international franchise.  Fitch expects some moderate reduction
in LICs in 2015, which should support some improvement in
operating profitability together with the prospects of lower
costs and stronger net interest income from reduced funding
costs.

RATING SENSITIVITIES - IDRs, SENIOR DEBT AND VR

The bank's ratings could come under pressure if capital was
eroded by material losses or acquisitions, events that are
currently not factored into the ratings.  Continued material
asset quality deterioration, or weaker funding or liquidity
profiles would also lead to a downgrade.

The rating of the senior debt issued by UBI's funding vehicle in
Luxembourg, UBI Banca International SA is equalized with the
parent since it is unconditionally and irrevocably guaranteed by
UBI and is sensitive to the same considerations as the senior
unsecured debt issued by the parent.

UniCredit

KEY RATING DRIVERS - VR, IDRs AND SENIOR DEBT

UniCredit's IDRs are based on its VR and are underpinned by its
broad international franchise, diversified funding profile low
risk appetite and acceptable capitalization.  The VR also
reflects its portfolio of impaired exposures, largely generated
by its Italian corporate exposures, which will remain a drag on
the bank's profitability and risk profile unless more material
disposals take place.

The revision of the Outlook to Stable from Negative reflects
improvements in its overall operating performance throughout 2014
and 2015, aided by its reduced risks, and more focused strategy
in managing its large portfolio of impaired and non-core
exposures. Operating revenues generated by UniCredit's Italian
franchise improved over 2014, and LICs reduced after the
significant impairments reported in 2014 and strengthened
coverage ratios. Fitch believes that the improvements in the
group's operating profitability are sustainable and expects
further strengthening.

The group is exposed to developing countries where the operating
environment has deteriorated materially over the past 12 months,
Russia in particular, or where political risk is higher than in
its western European markets.  However, the balance of risks is
adequately diversified, managed and controlled.  A reduced
contribution to operating profitability from some of its
developing markets in view of the changed operating environment
is a possibility but this should be compensated by further
improvements in its Italian home market.

The rating of the senior debt issued by UniCredit's funding
vehicles, UniCredit Bank (Ireland) plc, and UniCredit
International Bank Luxembourg SA is equalised with those of the
parent since it is unconditionally and irrevocably guaranteed by
UniCredit and is sensitive to the same considerations as the
senior unsecured debt issued by the parent.

RATING SENSITIVITIES - VR, IDRs, AND SENIOR DEBT

Unicredit's IDRs and VR are sensitive to developments in its
profitability and asset quality.

UniCredit's IDRs and VR are sensitive to Fitch's assumptions
regarding the risk profile and profitability of its significant
foreign operations, which to date have been supportive of the
ratings given the weak operating environment in Italy.  These
foreign subsidiaries have shown significant dividend payment
potential and sound internal capital generation.

Progress towards banking union in the eurozone, ensuring improved
capital and funding fungibility, is supportive of UniCredit's VR.

As a result of its international diversification, UniCredit's
risk profile is somewhat less correlated with the sovereign's
risk profile than its domestic peers.  Depending on the interplay
between domestic performance and benefits from its international
presence, UniCredit could potentially be rated one notch above
Italy's sovereign as its Italian operations improve and legacy
impaired assets are reduced.  Conversely, should the risk profile
and profitability of the group's large activities in Germany
(UniCredit Bank AG, which consolidates much of UniCredit's
corporate and investment banking, A+/Negative/a-), Austria and
CEE (UniCredit Bank Austria AG, which consolidates UniCredit's
CEE activities except Poland; A/Negative/bbb+) and Poland (Bank
Pekao SA; A-/Stable/a-) structurally worsen, this could be
negative for UniCredit's ratings.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND
OTHER HYBRID SECURITIES (ALL BANKS)

Subordinated debt and other hybrid capital issued by the banks
are all notched down from their VRs, or from the VR of their
parent if the issuer has no VR, in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles, which vary considerably.
Their ratings are primarily sensitive to any change in the VRs,
which drive the ratings.

The ratings of MPS's Lower Tier 2 and Upper Tier 2 debt have been
upgraded in line with the bank's VR, reflecting a reduced, but
still high risk of non-performance.  The ratings of its Tier 1
instruments and preferred securities have been affirmed at 'C' to
reflect their non-performance and Fitch's expectation that the
securities are unlikely to resume coupon payments in the near
future, at least until the bank utilizes state aid and reports
net losses

KEY RATING DRIVERS AND SENSITIVITIES - SENIOR STATE GUARANTEED
DEBT

The Long-term rating of MPS's state guaranteed debt is based on
Italy's direct, unconditional and irrevocable guarantee for the
issues, which covers payments of both principal and interest.
Italy's guarantee was issued by the Ministry of Economy and
Finance under Law Decree 6 December 2011, n.201, subsequently
converted into Law 22 December 2011, n. 214.

The ratings reflect Fitch's expectation that Italy will honor the
guarantee provided to the noteholders in a full and timely
manner. The state guarantee ranks pari passu with Italy's other
unsecured and unguaranteed senior obligations.  As a result, the
notes' Long-term ratings are in line with Italy's 'BBB+' Long-
term Issuer Default Rating.

The notes' Long-term ratings are sensitive to changes in Italy's
Long-term IDR.  Any downgrade or upgrade of Italy's Long-term IDR
would be reflected by the notes' Long-term ratings.

SUBSIDIARY AND AFFILIATED COMPANY KEY RATING DRIVERS AND
SENSITIVITIES

IntesaSP's Italian subsidiaries' ratings, Banca IMI and Cassa di
Risparmio di Firenze, reflect Fitch's view of the core function
of these subsidiaries in the group.  As their ratings are based
on their parent's Long-term IDR, they are sensitive to changes in
IntesaSP's propensity to provide support, which Fitch does not
expect, and to changes in the parent's Long-term IDR.

The rating actions are:

MPS:

Long-term IDR: affirmed at 'BBB'; Outlook Negative
Short-term IDR: affirmed at 'F3'
VR: upgraded to 'b-' from 'ccc'
SR: affirmed at '2'
SRF: affirmed at 'BBB'
Debt issuance programme (senior debt): affirmed at 'BBB'
Senior unsecured debt: affirmed at 'BBB'
Lower Tier 2 subordinated debt: upgraded to 'CCC' from 'CC'
Upper Tier 2 subordinated debt: upgraded to 'CC' from 'C'
Preferred stock and Tier 1 notes: affirmed at 'C'
State-guaranteed debt (IT0004804362): affirmed at 'BBB+'

IntesaSP:

Long-term IDR: affirmed at 'BBB+'; Outlook Stable
Short-term IDR: affirmed at 'F2'
VR: affirmed at 'bbb+'
SR: affirmed at '2'
SRF: affirmed at 'BBB'
Senior debt (including debt issuance programmes): Long-term
rating affirmed at 'BBB+'; Short-term rating affirmed at 'F2'
Commercial paper/certificate of deposit programmes: affirmed at
'F2'
Senior market-linked notes: affirmed at 'BBB+emr'
Subordinated lower Tier II debt: affirmed at 'BBB'
Subordinated upper Tier II debt: affirmed at 'BB+'
Tier 1 instruments: affirmed at 'BB'
Short-term deposits affirmed at 'F2'

Cassa di Risparmio di Firenze:

Long-term IDR: affirmed at 'BBB+'; Outlook Stable
Short-term IDR: affirmed at 'F2'
SR: affirmed at '2'
Senior debt (including programme ratings): affirmed at 'BBB+'

Banca IMI S.p.A.:

Long-term IDR: affirmed at 'BBB+'; Outlook Stable
Short-term IDR: affirmed at 'F2'
SR: affirmed at '2'
Senior debt (including programme ratings): affirmed at 'BBB+'
Intesa Sanpaolo Bank Ireland plc (no issuer ratings assigned):
Commercial Paper/Short-term debt affirmed at 'F2'
Senior unsecured debt: affirmed at 'BBB+'
Societe Europeenne de Banque SA (no issuer ratings assigned):
Commercial Paper and Short-term debt: affirmed at 'F2'
Senior unsecured debt: affirmed at 'BBB+'
Intesa Funding LLC (no issuer ratings assigned):
US Commercial Paper Programme: affirmed at 'F2'

UBI:

Long-term IDR: downgraded to 'BBB' from 'BBB+'; Outlook revised
to Stable from Negative
Short-term IDR: downgraded to 'F3' from 'F2'
VR: downgraded to 'bbb' from 'bbb+'
SR: affirmed at '2'
SRF: affirmed at 'BBB'
Senior debt (including programme ratings): downgraded to 'BBB/F3'
from 'BBB+/F2'
UBI Banca International S.A. (no issuer ratings assigned):
Commercial paper/certificate of deposit programmes: downgraded to
'F3' from 'F2'

UniCredit S.p.A.:

Long Term IDR: affirmed at 'BBB+'; Outlook revised to Stable from
Negative
Short Term IDR: affirmed at 'F2'
VR: affirmed at 'bbb+'
SR: affirmed at '2'
SRF: affirmed at 'BBB'
Senior unsecured debt: affirmed at 'BBB+'
Lower Tier 2 notes: affirmed at 'BBB'
Upper Tier 2 notes: affirmed at 'BB+'
Preferred stock: affirmed at 'BB'
Additional Tier 1 Capital Notes: affirmed at 'BB-'
UniCredit Bank (Ireland) p.l.c. (no issuer ratings assigned):
Senior unsecured notes: affirmed at 'BBB+'/F2
UniCredit International Bank (Luxembourg) S.A. (no issuer ratings
assigned):
Senior unsecured notes: affirmed at 'BBB+'



===================
K A Z A K H S T A N
===================


ALTYN BANK: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Altyn Bank JSC Long-term foreign and
local currency Issuer Default Ratings (IDRs) of 'BB'. The
Outlooks are Stable.

KEY RATING DRIVERS: IDRS, SUPPORT RATING AND NATIONAL RATING

Altyn Bank's Long-term IDRs are aligned with the ratings of its
parent institution, Halyk Bank of Kazakhstan (BB/Stable), which
acquired 100% of Altyn Bank's (former SB HSBC Bank Kazakhstan
JSC) ordinary shares in 4Q14. In Fitch's view, Halyk's high
propensity to support its subsidiary, if needed, is based on
Altyn Bank being a key and integral part of the parent's group
providing core services to core clients in the domestic market.
Our view also considers the subsidiary's currently full
ownership, tight supervision by the parent and increasing parent-
subsidiary integration at the operational level, as well as the
low cost of potential support which might be required to Altyn
Bank.

Fitch also believes that Halyk would be exposed to high
reputational risks should it withhold support to Altyn Bank,
despite the latter's separate branding and marketing strategy,
small size (5% of groups' total assets at end-2014) and absence
of cross-default linkage with the parent. We do not expect
Kazakhstan's bank regulator to hamper Halyk supporting its
domestic subsidiaries.

Fitch has not assigned Altyn Bank a Viability Rating given the
significant recent changes in its financial profile, which
followed the bank's acquisition by Halyk and the expectations of
a further evolution of the subsidiary's business model,
underwriting standards and performance in the medium term.

At end-2014, Altyn Bank's healthy balance sheet was underpinned
by moderate 6.8% NPLs and 4.5% restructured loans and the high
34% Fitch core capital/risk-weighted assets ratio, largely
reflective of the generally low-risk focus under the previous
parent. Fitch believes that the Altyn Bank might become
increasingly exposed to a higher risk/return lending to improve
its relatively low 6% return on average equity in 2014.

RATING SENSITIVITIES- IDRS, NATIONAL RATING AND SUPPORT RATING

Altyn Bank's support-driven ratings would likely change in tandem
with Halyk Bank's Long-term IDR. A potential failure by Halyk to
provide timely and sufficient support to its subsidiary, if
needed, would likely lead to Altyn Bank's ratings being
downgraded.

The rating actions are as follows:

Long-term foreign and local currency IDRs: assigned at 'BB';
Outlook Stable
Short-term foreign-currency IDR: assigned at 'B'
National Long-term rating: assigned at 'A+(kaz)'; Outlook Stable
Support Rating: assigned at '3'


KAZKOMMERTSBANK: S&P Keeps 'B' ICR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it kept on
CreditWatch with negative implications its 'B' long-term issuer
credit rating on Kazakhstan-based Kazkommertsbank (KKB).

S&P also kept on CreditWatch negative its 'kzBB' national scale
rating on the bank, S&P's 'CCC' rating on its subordinated debt,
and its 'CCC-' rating on its junior subordinated debt.

S&P placed the ratings on KKB on CreditWatch negative in October
2014.  This was based on S&P's view that KKB's capitalization on
a consolidated basis had weakened following its acquisition of
Kazakhstan-based BTA Bank and the buyback of shares in both
banks, which totaled 11.8% of KKB's capital on a consolidated
basis as of June 30, 2014.  S&P thinks that the bank's capital
will likely remain weak given its weak earnings generation and
the burden of overwhelming levels of nonperforming assets at both
KKB and BTA.

As of June 30, 2014, S&P's risk-adjusted capital (RAC) ratio for
KKB on a consolidated basis was 5% before adjustments for
diversification.  S&P projects that this ratio will decrease to
below 5% over the next 12-24 months without sufficient government
support, incorporating the impact of the share buyback program,
and assuming no significant growth of earning assets of the bank.

S&P also expects the bank's profitability to remain low in the
coming two years, largely due to the significant amount of
problem assets at BTA and KKB (63% of the combined loan book) and
low generation of new business.

"In our view, it will be extremely challenging for the management
of KKB to achieve meaningful problem asset recovery at BTA and
KKB without material government support.  Our understanding is
that, given the significant market share of the combined bank in
the banking sector of Kazakhstan, the government is willing to
provide some support and has set up the Problem Assets Fund (PAF)
to facilitate the cleanup exercise.  We understand that the
government has allocated about Kazakhstani tenge (KZT) 250
billion (about US$1.4 billion) to the PAF to help resolve the
problem assets of BTA and KKB.  In principle, this may enable KKB
to clean up its balance sheet, supporting the bank's
capitalization. However, we are aware that certain changes and
approvals are still required for the bank to be able to start
transferring problem assets to the fund.  We expect these to be
received within the next two-to-three months.  In addition, we
are currently awaiting information on the terms of the asset
transfer that would enable us to assess the potential impact of
the transfer on KKB's capital position," S&P said.

S&P will resolve the CreditWatch once it has information
regarding the terms and timing of the support to be provided by
the Kazakhstan government for the working-out of problem assets
at KKB and BTA through the PAF, taking into account any other
developments that might change S&P's assessment of the capital of
the consolidated bank.  S&P expects to have more clarity on these
issues over the next three months.

S&P could lower the ratings if KKB does not receive sufficient
capital relief to cause S&P's forecast RAC ratio to rise
sustainably above 5%.  A downgrade would become more likely if
S&P observes a further deterioration in the quality of the loan
portfolio, weakening the capital position.



=====================
N E T H E R L A N D S
=====================


DRYDEN 35: Moody's Rates EUR14.5-Mil. Class F Notes B2
------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to notes issued by Dryden 35 Euro CLO 2014 B.V.:

  -- EUR232,100,000 Class A-1A Senior Secured Floating Rate Notes
     due 2027, Definitive Rating Assigned Aaa (sf)

  -- EUR15,800,000 Class A-1B Senior Secured Fixed Rate Notes due
     2027, Definitive Rating Assigned Aaa (sf)

  -- EUR19,000,000 Class B-1A Senior Secured Floating Rate Notes
     due 2027, Definitive Rating Assigned Aa2 (sf)

  -- EUR33,700,000 Class B-1B Senior Secured Fixed Rate Notes due
     2027, Definitive Rating Assigned Aa2 (sf)

  -- EUR31,900,000 Class C Mezzanine Secured Deferrable Floating
     Rate Notes due 2027, Definitive Rating Assigned A2 (sf)

  -- EUR21,200,000 Class D Mezzanine Secured Deferrable Floating
     Rate Notes due 2027, Definitive Rating Assigned Baa2 (sf)

  -- EUR27,100,000 Class E Mezzanine Secured Deferrable Floating
     Rate Notes due 2027, Definitive Rating Assigned Ba2 (sf)

  -- EUR14,500,000 Class F Mezzanine Secured Deferrable Floating
     Rate Notes due 2027, Definitive Rating Assigned B2 (sf)

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2027. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Pramerica
Investment Management Limited ("Pramerica"), has sufficient
experience and operational capacity and is capable of managing
this CLO.

Dryden CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds. The bond bucket gives the flexibility to Dryden
CLO to hold bonds if Volcker Rule is changed. The portfolio is
expected to be 80% ramped up as of the closing date and to be
comprised predominantly of corporate loans to obligors domiciled
in Western Europe.

Pramerica will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR47.3 million of subordinated notes. Moody's
has not assigned a rating to this class of notes.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Factors that would lead to an upgrade or downgrade of the rating:

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Pramerica's investment
decisions and management of the transaction will also affect the
notes' performance.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Moody's used the following base-case modeling assumptions:

- Par amount: EUR 425,000,000

- Diversity Score: 41

- Weighted Average Rating Factor (WARF): 2690

- Weighted Average Spread (WAS): 4.30%

- Weighted Average Recovery Rate (WARR): 38%

- Weighted Average Life (WAL): 8 years.

Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. For countries which are not member of the
European Union, the foreign currency country risk ceiling applies
at the same levels under this transaction. Following the
effective date, and given the portfolio constraints and the
current sovereign ratings in Europe, such exposure may not exceed
15% of the total portfolio. As a result and in conjunction with
the current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with A3 and a maximum of 10% of
the pool would be domiciled in countries with Baa3 local or
foreign currency country ceiling each. The remainder of the pool
will be domiciled in countries which currently have a local or
foreign currency country ceiling of Aaa or Aa1 to Aa3. Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class as
further described in the methodology. The portfolio haircuts are
a function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 3.33% for the
Class A-1A and A-1B notes, 2.42% for the Class B-1A and B-1B
notes, 1.67% for the Class C notes, 0.33% for the Class D notes
and 0% for Classes E and F.

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3094 from 2690)

Ratings Impact in Rating Notches:

- Class A-1A Senior Secured Floating Rate Notes: 0

- Class A-1B Senior Secured Fixed Rate Notes: 0

- Class B-1A Senior Secured Floating Rate Notes: -1

- Class B-1B Senior Secured Fixed Rate Notes: -1

- Class C Mezzanine Secured Deferrable Floating Rate Notes: -2

- Class D Mezzanine Secured Deferrable Floating Rate Notes: -2

- Class E Mezzanine Secured Deferrable Floating Rate Notes: -1

- Class F Mezzanine Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3497 from 2690)

- Class A-1A Senior Secured Floating Rate Notes: -1

- Class A-1B Senior Secured Fixed Rate Notes: -1

- Class B-1A Senior Secured Floating Rate Notes: -3

- Class B-1B Senior Secured Fixed Rate Notes: -3

- Class C Mezzanine Secured Deferrable Floating Rate Notes: -4

- Class D Mezzanine Secured Deferrable Floating Rate Notes: -3

- Class E Mezzanine Secured Deferrable Floating Rate Notes: -1

- Class F Mezzanine Secured Deferrable Floating Rate Notes: -2

Given that the transaction allows for corporate rescue loans
which do not bear a Moody's rating or Credit Estimate, Moody's
has also tested the sensitivity of the ratings of the notes to
changes in the recovery rate assumption for corporate rescue
loans within the portfolio (up to 5% in aggregate). This analysis
includes haircuts to the 50% base recovery rate which Moody's
assume for corporate rescue loans if they satisfy certain
criteria, including having a Moody's rating or Credit Estimate.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.


HALCYON STRUCTURED 2006-I: Moody's Affirms Ba2 Rating on E Notes
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Halcyon Structured Asset Management European CLO
2006-I B.V.:

  -- EUR30 million Class C Senior Secured Deferrable Floating
     Rate Notes due 2021, Upgraded to Aaa (sf); previously on Jul
     24, 2014 Upgraded to Aa3 (sf)

  -- EUR15 million Class D Senior Secured Deferrable Floating
     Rate Notes due 2021, Upgraded to A1 (sf); previously on Jul
     24, 2014 Upgraded to Baa2 (sf)

Moody's also affirmed EUR28.36m notes:

  -- EUR40 million (current amount outstanding 8.36M) Class B
     Senior Secured Floating Rate Notes due 2021, Affirmed Aaa
     (sf); previously on Jul 24, 2014 Upgraded to Aaa (sf)

  -- EUR20 million Class E Senior Secured Deferrable Floating
     Rate Notes due 2021, Affirmed Ba2 (sf); previously on Jul
     24, 2014 Affirmed Ba2 (sf)

Halcyon Structured Asset Management European CLO 2006-I B.V.,
issued in June 2006, is a collateralized loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Halcyon Structured
Asset Management L.P. The transaction's reinvestment period ended
in July 2011.

The upgrades of the notes is primarily a result of substantial
deleveraging arising during the last three payment dates in July
2014, October 2014 and January 2015. As a result, the Classes A-1
and A-1R notes have been fully redeemed and the Class B notes
have paid down EUR31.6 million (79% of its initial balance)
resulting in significant increases in over-collateralization
levels. As of the February 2015 trustee report, the Class B, C, D
and E overcollateralization ratios are reported at 990.02%,
215.69%, 155.06%, and 112.78% respectively compared with 181.68%,
138.18%, 123.41% and 108.01% in June 2014.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
EUR pool with performing par and principal proceeds balance of
EUR95.9 million, a defaulted par of EUR1.2 million, a weighted
average default probability of 28.28% (consistent with a WARF of
4560 over a weighted average life of 3.24 years), a weighted
average recovery rate upon default of 45.71% for a Aaa liability
target rating, a diversity score of 12 and a weighted average
spread of 3.53%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 88% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate in
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were within two notches of the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Additional uncertainty about performance is due to the following:

(1) Portfolio amortization: The main source of uncertainty in
     this transaction is the pace of amortization of the
     underlying portfolio, which can vary significantly depending
     on market conditions and have a significant impact on the
     notes' ratings.  Amortization could accelerate as a
     consequence of high loan prepayment levels or collateral
     sales the collateral manager or be delayed by an increase in
     loan amend-and-extend restructurings. Fast amortization
     would usually benefit the ratings of the notes beginning
     with the notes having the highest prepayment priority.

(2) Around 30% of the collateral pool consists of debt
     obligations whose credit quality Moody's has assessed by
     using credit estimates. As part of its base case, Moody's
     has stressed large concentrations of single obligors bearing
     a credit estimate as described in "Updated Approach to the
     Usage of Credit Estimates in Rated Transactions," published
     in October 2009.

(3) Recoveries on defaulted assets: Market value fluctuations in
     trustee-reported defaulted assets and those Moody's assumes
     have defaulted can result in volatility in the deal's over-
     collateralization levels. Further, the timing of recoveries
     and the manager's decision whether to work out or sell
     defaulted assets can also result in additional uncertainty.
     Moody's analyzed defaulted recoveries assuming the lower of
     the market price or the recovery rate to account for
     potential volatility in market prices. Recoveries higher
     than Moody's expectations would have a positive impact on
     the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



===============
P O R T U G A L
===============


* Moody's Says Portugal to Benefit from Broad Structural Reforms
----------------------------------------------------------------
Portugal (Ba1, stable) is set to benefit from broad structural
reforms and accelerating economic growth in the coming years, but
its large, albeit declining debt burden continues to form a
challenge, says Moody's Investors Service in its annual Portugal
Credit Analysis.

The rating agency's report is an update to the markets and does
not constitute a rating action.

"We expect Portugal's real economic growth to accelerate to 1.7%
and 1.8% in 2015 and 2016, respectively, from 0.9% in 2014, on
the back of stronger domestic demand and renewed strength in
exports. The implementation of broad structural reforms over the
past several years should support a stronger economic growth
path, while fiscal consolidation measures will help gradually
reduce the country's debt burden. However, Portugal's debt levels
still remain very high," says Kathrin Muehlbronner, a Vice
President - Senior Credit Officer at Moody's.

According to Moody's, the economic recovery of Portugal's main
trading partners in the euro area, coupled with structural
improvements in competitiveness and a sustained broadening of the
country's export base, will likely result in higher demand for
its exports.

Portugal's fiscal consolidation track record has been also
strong, and Moody's expects the public debt ratio to start
declining from this year onwards to below 125% of GDP by end-
2016, from a peak of 130.2% in 2014. Furthermore, the rating
agency forecasts that Portugal's budget deficit will continue to
decrease, to close to 3% of GDP this year. This marks a
significant improvement, but in contrast to the past several
years, will likely mainly be the result of the strengthening
economy rather than structural measures, says Moody's.

However, Moody's notes that the country's public debt ratio
remains high, and public debt forecasts are susceptible to
potential shocks, in particular lower economic growth or a
slower-than-forecast fiscal consolidation path. Further permanent
expenditure adjustments have been made more difficult following a
series of rulings by the country's Constitutional Court, says
Moody's.

In addition, Portugal's external vulnerability remains high,
given its high external debt levels, and the country would be
susceptible to a scenario wherein investor confidence were to be
hit should Greece decide to exit the euro area, although this is
not Moody's base case scenario. Banking-sector risks also remain
material, in Moody's view, as reflected by the banking sector's
persistently high stock of problem loans and low profitability.



===========
R U S S I A
===========


BASHKORTOSTAN REPUBLIC: S&P Affirms Then Withdraws BB+ ICR
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating on the Russian Republic of Bashkortostan.
S&P subsequently withdrew the rating at the issuer's request.  At
the time of withdrawal, the outlook was negative.

As defined in EU CRA Regulation 1060/2009 [EU CRA Regulation]),
the ratings on Republic of Bashkortostan are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a pre-
established calendar.  Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation
of the reasons for the deviation.  In this case, the deviation
has been caused by issuer's request to withdraw the rating.

RATIONALE

The affirmation reflects S&P's view that Bashkortostan continues
to perform in line with S&P's base-case scenario.  At the same
time, S&P caps the long-term rating on Bashkortostan at the level
of its long-term foreign currency rating on the Russian
Federation (BB+/Negative/B), because S&P do not currently
consider that Russian local or regional governments (LRGs),
including Bashkortostan, meet the conditions to be rated higher
than the sovereign, in line with S&P's methodology.

Based on Bashkortostan's intrinsic credit strengths, and in
accordance with S&P's criteria, it assess the republic's stand-
alone credit profile (SACP) at 'bbb-'.  The SACP is not a rating
but a means of assessing the intrinsic creditworthiness of an LRG
under the assumption that there is no sovereign rating cap.

The 'bbb-' SACP reflects the republic's exceptional liquidity
position, its very low debt, and low contingent liabilities.  Its
average budgetary performance is neutral for the SACP, in S&P's
view.  Furthermore, S&P factors in its assessment of
Bashkortostan's financial management as satisfactory in a global
context, and prudent by Russian standards.

The SACP is constrained by S&P's view of Russia's volatile and
unbalanced institutional framework, which leads to weak budgetary
flexibility.  Other constraints include the republic's weak
economy, characterized by single-sector concentration in the oil-
processing industry and only modest wealth in an international
context.

The predictability of Bashkortostan's financial position remains
constrained by federal controls over revenues and expenditures,
which limit the republic's revenue and spending flexibility, and
the evolving nature of Russia's volatile and unbalanced
institutional framework.  Moreover, the major tax contributors to
Bashkortostan's budget are concentrated in the oil and oil-
processing industry.  A few large oil-related taxpayers and their
subsidiaries contributed about 20% of Bashkortostan's
consolidated budget tax revenues in 2011-2014.  These
contributions remain volatile, leaving the republic exposed to
the policies of large taxpayers and swings in the economic
environment.

The republic's wealth levels remain modest.  Bashkortostan's
gross regional product (GRP) per capita was just above US$8,000
in 2014, which is markedly lower than the national average.

Nevertheless, S&P estimates that Bashkortostan's economy grew by
1.5% in 2014--above the national average.  S&P expects GRP growth
in Bashkortostan will exceed the Russian average in 2015-2017,
helping to increase revenues and offset spending pressures.

S&P views the republic's financial management as satisfactory in
a global context.  S&P notes its strong commitment to maintaining
a reserves cushion and agradual debt repayment schedule, and, in
turn, exceptional liquidity.  S&P's assessment also takes into
account Bashkortostan's commitment to controlling spending
growth. However, S&P still believes the republic's ability to cut
spending will be limited, due to its existing needs.

In addition, S&P factors in what it views as its rudimentary
long-term planning and limited oversight of its government-
related entities (GREs).  S&P therefore expects Bashkortostan
will maintain an average budgetary performance, despite growing
federal government pressure to increase spending on public-sector
salaries and maintain and develop infrastructure.

"We project that the republic's operating margins will be
constrained by federal mandates to increase civil servants' pay
without adequate matching grants.  We estimate that the operating
margins will deteriorate to 2% of operating revenues in 2015-
2017, compared with 9% on average in 2012-2014.  We note that the
republic has substantial assets, which we estimate are worth well
in excess of 20% of budget revenues and provide additional
capital revenue flexibility, and continues to privatize its GREs.
We therefore expect continued asset sales to support the
republic's performance in 2015-2017.  As a result, our base case
includes an estimate of a modest 5% average of total revenue
deficits after capital accounts in 2015-2017, similar to the 4%-
5 % average in 2012-2014, as we understand that the republic is
committed to keeping overall deficits modest.  Consequently, we
assume that Bashkortostan's tax-supported debt will stay very
low, within 30% of consolidated operating revenues until 2017
under our base-case scenario," S&P said.

Nevertheless, the republic's budgetary flexibility remains weak
in the Russian institutional framework, due to the little control
it has over operating revenues and mandated expenditures.

The republic's contingent liabilities related to municipalities
and its involvement in local economy are low, in S&P's view,
although it might be required to provide some support to them.

LIQUIDITY

S&P considers Bashkortostan's liquidity to be exceptional,
reflecting the republic's high cash reserves.

Bashkortostan is currently in a net asset position, and S&P
expects it to remain so during the next 12 months.  The
republic's average cash reserves net of the deficit after capital
accounts will exceed its debt service in the next 12 months more
than fourfold, making the debt service coverage ratio
exceptional.

Even though S&P's base-case scenario factors in a likely gradual
decrease in Bashkortostan's reserves, S&P assumes that the
republic will maintain cash about Russian ruble 20 billion
(approximately US$345 million on April 1, 2015) during 2015-2017.

OUTLOOK

At the time of withdrawal, the outlook was negative, mirroring
that on Russia.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

                                 Rating            Rating
                                 To                From
Bashkortostan (Republic of)
Issuer credit rating
  Foreign and Local Currency     BB+/Negative/--  BB+/Negative/--

Ratings Subsequently Withdrawn

Bashkortostan (Republic of)
Issuer credit rating
  Foreign and Local Currency     NR               BB+/Negative/--


GIVA INSURANCE: S&P Puts 'B+' Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B+' long-term counterparty credit and insurer financial strength
ratings on Giva Insurance Co. LLC on CreditWatch with negative
implications.  S&P also placed its 'ruA' Russian national scale
rating on Giva on CreditWatch negative.

The CreditWatch placement reflects S&P's view that the change in
Pomosch Insurance Co. Ltd. and its core entity Giva's
shareholders' strategy to one of reducing integration might
weaken Giva's core group status.  The change is still uncertain
at this stage, and thus S&P will continue to closely monitor the
situation around the future strategy of the two companies.

The CreditWatch placement reflects S&P's view of weakening
integration between the two companies following the revised
strategy.

S&P will resolve the CreditWatch following discussions with
Giva's management over Giva's future role for Pomosch.


METALLOINVEST JSC: Moody's Affirms 'Ba2' CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service confirmed JSC Holding Company
Metalloinvest's Ba2 corporate family rating and Ba2-PD
probability of default rating. Concurrently, Moody's has
confirmed the ratings on the senior unsecured debt issued by
Metalloinvest Finance Limited, a limited liability company
incorporated in Ireland, at Ba2 (with a loss-given-default (LGD)
assessment of LGD3, 45%). The outlook on the ratings is stable.
This concludes the review for downgrade initiated by Moody's on
23 December 2014.

Moody's previously placed Metalloinvest's ratings on review in a
combined decision to place 45 Russian non-financial corporates on
review for downgrade, reflecting the severe and rapid
deterioration in the operating environment in Russia and the
heightened risk of a more prolonged and acute economic downturn
than originally anticipated.

The confirmations primarily reflect Moody's view that
Metalloinvest's competitive cost profile will remain strong on
the back of the ruble's 42% devaluation, that took place in 2014.
These cost improvements, combined with adequate liquidity and
continued deleveraging in 2014 and early 2015, created headroom
in the company's Ba2 rating category, which will counterbalance
to some extent the negative effect of weakening iron ore prices.

The main constraints on Metalloinvest's rating are its (1) high
exposure to iron ore products, the prices for which demonstrate
continuing downward dynamics and are likely, on average, to be
weaker in 2015 compared with the previous year; (2) limited
business diversification, as all its core iron ore production
assets are located in the same region in Russia; (3) dependence
on the steel industry business cycle; and (4) concentrated
ownership-related risks, including related-party transactions
and/or pro-shareholder finance policies (i.e., high level of
dividends and/or loans to shareholders).

However, Metalloinvest's Ba2 CFR more positively reflects its (1)
aforementioned competitive cost position; (2) long-life reserve
base and historically strong profitability, as measured by an
average three-year EBIT margin of 26%; (3) integrated steel
business model with steel segment profitability negatively
correlating with iron ore prices, all else being equal; (4) large
share of niche and value-added products (i.e., pellets and hot
briquetted iron), the prices for which are less volatile than
iron ore; and (5) diversified customer portfolio, supported by
flexibility with respect to the geography of shipments (export
markets versus Russia).

Metalloinvest's liquidity profile as of 31 December 2014 was
good, given the company's cash on hand of $0.5 billion. The
company's short-term debt as of year-end 2014 was around 14% of
total debt and mainly comprised ruble bonds (totaling RUB25
billion) with put options, which the company exercised in March
2015 purchasing the bonds and reducing its debt by the respective
amount. In addition, the company holds an approximate 3.2% stake
in OJSC MMC Norilsk Nickel (Ba1 negative) with a market value of
around US$0.9 billion as of March 31, 2015.

Moody's estimates that Metalloinvest's capex for 2015 will be
approximately US$0.5 billion (including about US$0.2 billion of
maintenance capex) subject to market conditions and its liquidity
profile. The rating agency expects that Metalloinvest will be
able to fund these requirements from its healthy projected
operating cash flow of around US$1.2-US$1.4 billion.

In 2014, the ruble devaluation enabled the company to reduce its
total debt by approximately US$1.2 billion to about US$4.7
billion as of Dec. 31, 2014, as about 46% of its debt as of
Dec. 31, 2013 was denominated in rubles. In February 2014, the
company raised a pre-export facility totaling US$1.15 billion
maturing in 2016 (US$300 million) and 2016-2019 (US$850 million),
which it used to refinance the remaining parts of its pre-export
facility of US$1.15 billion due in 2015-16. The company has $0.7
billion outstanding of 6.5% Eurobonds maturing in July 2016.

Moody's notes that Metalloinvest has a fairly pro-shareholder
financial policy, which reduces its financial flexibility in a
period of extended iron ore price volatility, constraining its
rating. During 2014, it provided shareholders with about US$1.1
billion of loans. As at December 31, 2014, the total balance of
loans to the owners of the company and other related parties
stood at US$1.3 billion compared with US$1.1 billion as of
December 31, 2013. In 2014, the company declared and paid about
US$0.5 billion in dividends.

The stable outlook on the CFR reflects Moody's expectation that
Metalloinvest's metrics will remain commensurate with its current
Ba2 rating category (i.e., leverage as measured by debt/EBITDA
will not exceed 3.0x on a sustained basis) under the scenario of
iron ore prices at US$55/tonne, supported by substantial cost
improvements following the ruble devaluation.

Negative pressure could be exerted on the rating if (1) the
Russian ruble exchange rate were to strengthen materially,
eliminating part of the cost advantages that the company is
currently enjoying; (2) the company's debt/EBITDA were to exceed
3.0x on a sustained basis; and (3) its free cash flow/debt turns
negative as a result of deteriorating iron ore prices and/or
significant pro-shareholder actions in the form of generous
dividend payouts, share buybacks or other related-party
transactions.

Provided there is stabilization of the macro-economic situation
in Russia, positive pressure could be exerted on Metalloinvest's
rating if the company were to maintain debt/EBITDA below 2.0x and
free cash flow/debt above 20% on a sustainable basis. Moody's
expects to see further improvement in corporate governance
practices and curtailment of related party transactions.

The principal methodology used in this rating was Global Mining
Industry published in August 2014. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Metalloinvest is a Russian producer and the largest regional
supplier of high-quality iron ore and HBI (a direct substitute
for ferrous scrap). Its principal activities include the
production and sale of iron ore products and ferrous metals. In
2014, it produced 38.7 million tonnes of iron ore (referring to
iron ore concentrate and sintering ore), 22.7 million tonnes of
pellets, 5.3 million tonnes of HBI/direct reduced iron (DRI), 2.3
million tonnes of hot metal and 4.5 million tonnes of crude
steel.

Metalloinvest has significant iron ore production facilities in
Russia in its mining and processing plants at Lebedinsky
(Lebedinsky GOK) and Mikhailovsky (Mikhailovsky GOK).
Furthermore, Metalloinvest has a diversified customer base in
Europe, the Middle East and Asia, with Russia and China.

The company's steel mills include the Oskol Elektrometallurgical
Plant (OEMK) and Ural Steel, and a ferrous scrap unit, Ural Scrap
Company.

At Dec. 31, 2014, USM Metalloinvest LLC owned a 51% stake in the
company and USM Investments Limited owned a 25% stake in the
Company (both companies are 100%-owned direct or indirect
subsidiaries of USM Holdings Limited), OAO Lebedinskiy Mining and
Processing Works owned a 15% stake in the Company and OAO Oskol
Electrometallurgical Plant owned a 3% stake in the Company (both
companies are 100%-owned direct subsidiaries of the Company)
while the remaining 6% stake in the Company was owned by the
Company as treasury shares.


PERESVET BANK: Fitch Assigns 'B+' LT Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has assigned Russian bank CJSC Peresvet Bank
Long-term Issuer Default Ratings (IDRs) of 'B+'. The Outlooks are
Negative.

KEY RATING DRIVERS: IDRS, VIABILITY RATING (VR), NATIONAL RATING
AND SENIOR UNSECURED DEBT

Peresvet's IDRs are driven by its VR of 'b+', which reflects the
bank's limited franchise with concentrated loans and deposits,
and moderate (relative to the risk profile) capitalization.
However, the rating also reflects Peresvet's so far reasonable
asset quality, good profitability and acceptable liquidity.

The bank's business origination benefits from association with
the Russian Orthodox Church (ROC) and the Chamber of Commerce and
Industry of the Russian Federation (CCI), who are the main
shareholders with 49.9% and 24.5% stakes, respectively. The
Negative Outlook on the IDRs reflects Fitch's expectation that
the sharp deterioration in the Russian operating environment is
likely to negatively impact Peresvet's credit profile, alongside
those of other Russian banks.

The bank reported a low NPL ratio of 0.7%, 1.3x covered by
reserves, at end-9M14. However, Peresvet's corporate loan book is
highly concentrated, with the top 25 exposures accounting for
33.5% of gross loans at end-9M14. All of these are currently
performing, but some may be more vulnerable to the current
recessionary environment. In particular, Fitch identified
RUB5.5bn (0.5x Fitch Core Capital (FCC) or 6.8% of total gross
loans) of loans financing residential real estate construction in
the Moscow region at different stages of completion. A further
RUB5.5bn of loans were provided to car dealers, which have
already seen a slump in sales. However, there is reasonable
collateral against these exposures, which mitigates credit risk
to a degree. The retail loan book is small (5% of total loans)
with around 80% comprising low risk mortgages.

Customer funding is predominantly relationship-based and highly
concentrated, making liquidity sensitive to the behavior of a few
large depositors. This risk is partially mitigated by the fact
that the largest depositor (11.5% of total deposits at end-9M14)
is one of the shareholders, as well as by a solid buffer of
highly-liquid assets, covering 36% of customer accounts as at
end-2014. Reliance on wholesale and bank funding is moderate (14%
of liabilities at end-9M14) with potential for refinancing needs
(put-options on bonds and short-term bank funding) in 2015 being
well covered by liquid assets.

Peresvet has demonstrated strong profitability, with ROAE and
ROAA of 23.3% and 2.2% in 2014. This was driven by high operating
efficiency due to a small branch network and low cost of risk.
However, Fitch expects profitability to come under pressure due
to deterioration of the operating environment and higher funding
costs.

The regulatory total and Tier 1 capital ratios were moderate at
13.3% and 11.2%, respectively, at 1 March 2015. The new RUB1
billion placement of Tier 1 qualifying subordinated debt in March
acquired by a third party will add about 90bp to the capital
ratios. Fitch estimates that following this injection, the bank
would be able to increase loan impairment reserves to 7.8% of the
loan book from the current 2.5% before its regulatory
capitalization would reach the minimum allowed level.

RATING SENSITIVITIES: IDRS, VR, NATIONAL RATING AND SENIOR
UNSECURED DEBT

The ratings could be downgraded in case of a material
deterioration in asset quality and capitalization, a significant
liquidity squeeze or a further sharp weakening of the operating
environment. A change in the shareholder structure or weakening
of the bank's connections with the current shareholders, if this
led to liquidity and/or franchise erosion risks, could also
result in a downgrade.

A revision of the Outlook to Stable would require an improvement
in the operating environment.

KEY RATING DRIVERS AND RATING SENSITIVITIES: SUPPORT RATING AND
SUPPORT RATING FLOOR

Peresvet's Support Rating Floor of 'No Floor' and '5' Support
Rating reflects the bank's limited systemic importance, as a
result of which extraordinary support from the Russian
authorities cannot be relied upon, in Fitch's view. Potential
support from private shareholders is also not factored into the
ratings, as it cannot be reliably assessed. Fitch does not expect
any revision of the bank's SRF or Support Rating in the
foreseeable future.

The rating actions are as follows:

  Long-Term foreign currency IDR assigned at 'B+'; Outlook
   Negative
  Long-Term local currency IDR assigned at 'B+'; Outlook Negative
  Short-Term IDR assigned at 'B'
  National Long-Term Rating assigned at 'A-(rus)'; Outlook
   Negative
  Viability Rating assigned at 'b+'
  Support Rating assigned at '5'
  Support Rating Floor assigned at 'No Floor'
  Senior unsecured debt rating assigned at 'B+'/'A-(rus)';
   Recovery Rating 'RR4'.


SIBUR HOLDING: Moody's Confirms 'Ba1' CFR; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service confirmed the Ba1 corporate family
rating and the Ba1-PD probability of default rating of Sibur
Holding, PJSC (Sibur), a Russian vertically integrated gas
processing and petrochemicals company. At the same time, Moody's
confirmed the Ba1 rating of US$1 billion notes issued by Sibur
Securities Limited, a wholly owned subsidiary of Sibur. The
rating agency assigned a negative outlook to all the ratings.

The action concludes the review for downgrade of Sibur's and its
notes' rating, which was part of the review for downgrade of
ratings of 45 Russian non-financial corporates launched by
Moody's on December 23, 2014. The review was prompted by the
severe and rapid deterioration in the operating environment in
Russia and the heightened risk of a more prolonged and acute
economic downturn than originally expected.

The confirmation of Sibur's rating reflects Moody's view that
Sibur's business is sufficiently resilient to the weakening of
Russia's economic and financial environment, as captured by
Moody's downgrade of Russia's sovereign rating and country
ceiling to Ba1 from Baa3 with negative outlook on 20 February
2015.

Moody's expects that Sibur will decrease its leverage over the
next 18 months to around 2.0x debt/EBITDA, while maintaining
EBITDA margins of around 25% and the ratio of retained cash flow
(RCF) to net debt above 20% (the metrics include Moody's standard
adjustments). This expectation factors in (1) Sibur's sizeable
export operations generating 50% of total revenue and strong
position as a leading petrochemicals business in the domestic
market; (2) long-term contractual access to attractively priced
feedstock translating into low costs, securing high margins
through the cycle; (3) high flexibility with the implementation
of ZapSibNeftekhim investment project valued at $9.5 billion as
of September 2014; (4) good liquidity benefitting from sizeable
cash reserves and availabilities under long-term committed
facilities; (5) shareholders-approved commitment to the
conservative financial policy, with unadjusted net debt/EBITDA
and EBITDA interest cover to remain below 2.5x and above 7x,
respectively. Moody's sees Sibur's end-2014 leverage of 4.2x
debt/EBITDA (including Moody's standard adjustments) as
temporary, reflecting a few one-off developments.

At the same time, Sibur's rating remains constrained by (1) its
exposure to the weakening of Russia's credit profile; (2)
potentially reduced capex flexibility at later stages of
ZapSibNeftekhim project implementation leading to growth in
negative free cash flow and debt funding needs; (3) exposure to
the risks inherent to the petrochemicals industry, such as price
volatility and cyclicality of demand; (4) moderate size compared
to that of global chemicals businesses.

The outlook on Sibur's rating is negative, reflecting Sibur's
exposure to the deteriorating Russian operating environment,
which is also captured by the negative outlook on Russia's
government bond rating. The negative outlook also takes into
account potential erosion of Sibur's capex flexibility as the
company progresses with ZapSibNeftekhim investment project
implementation. Moody's will also be monitoring the company's
ability to address increasing country and foreign exchange risks.

The rating is likely to be downgraded if (1) the Russian
operating environment deteriorates further resulting in further
downgrade of the sovereign rating and/or lowering the sovereign
ceiling; (2) in Moody's view, Sibur's EBITDA margins are likely
to decline to below 25% and/or the company is unable to
deleverage over the next 18 month towards around 2.0x adjusted
debt/EBITDA and maintain adjusted RCF/net debt at above 20%;
and/or (3) Sibur's liquidity deteriorates.

Given the deteriorating operating environment in Russia and
pressure on the sovereign credit quality, upward pressure on
Sibur's rating is unlikely at present.

The principal methodology used in this rating was Global Chemical
Industry Rating Methodology published in December 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Sibur Holding, PJSC is a Russian vertically integrated gas
processing and petrochemicals company. As of end-September-2014,
Mr. Mikhelson was the major shareholder with 50.2% of the shares,
followed by Mr. Shamalov (21.3%) and Mr. Timchenko (15.3%). The
company's current and former management (excluding Mr. Shamalov)
holds the remaining 13.2%. In 2014, Sibur generated revenue and
adjusted EBIT of US$9.6 billion and US$1.3 billion, respectively.


SOVCOMFLOT JSC: Moody's Confirms 'Ba2' CFR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service confirmed Sovcomflot JSC's (SCF) Ba2
corporate family rating, Ba2-PD probability of default rating, B1
issuer rating, and B1 senior unsecured rating of the US$800
million Eurobond issued by its guaranteed 100% indirect
subsidiary SCF Capital Limited. The outlook on the ratings is
negative. This rating action concludes the review for downgrade
initiated on
December 23, 2014.

The confirmation of SCF's ratings by Moody's reflects the
following developments: 1) improvements in the company's
operating environment, with average Time Charter Equivalent (TCE)
rates increasing by 20% in the second half of 2014, with further
strengthening expected in 2015 and the first half of 2016; and 2)
the company's improved performance, as reflected in its robust
2014 EBITDA year-on-year growth and strengthened leverage and
coverage metrics. During the course of 2014 SCF continued to
enhance its fleet by adding three vessels operating under long --
term charter contracts with OJSC Gazprom (Ba1 negative) and
PetroChina International (not rated). Whilst SCF is 100% owned by
the Russian state, its operations are extraterritorial, with
approximately 70% of its revenues originating from global oil and
gas majors. SCF's assets are located in various jurisdictions and
can be easily accessible by creditors in case of distress. In the
agency's view these factors provide a degree of insulation of the
company's credit profile from that of Russia.

SCF's operations benefit from: 1) a high degree of geographic
diversification, 2) good visibility of future revenues thanks to
a predominant proportion of its fleet operating under long-term
contracts with reputable clients such as global oil and gas
majors; 3) diversified fleet: SCF operates in the gas
transportation and offshore segments, as well as in the
conventional tanker business. In addition, SCF owns specialized
ice-class vessels (including Arctic shuttle tankers), which are
able to service clients in harsh climate conditions. Only about
one-third of SCF's business is exposed to the highly volatile
spot tanker market.

Conversely, SCF's CFR factors in (1) significant volatility of
the marine transportation market in which the company operates;
(2) high level of annual capex driven by the company's program of
new vessel construction in 2015-17; and (3) potential effect of
Russia's weakening economic profile and heightened geo-political
event risk resulting from the conflict in Ukraine on SCF's
operating performance and its position in the international
market.

SCF's CFR of Ba2 is determined in accordance with Moody's
Government-Related Issuer (GRI) rating methodology and
incorporates the following inputs: (1) baseline credit assessment
(BCA), a measure of standalone credit strength, of b2; (2) the
Ba1 sovereign rating of the Russian government with negative
outlook; (3) the low default dependence between SCF and the
government; and (4) the strong probability of state support being
provided to the company in the event of financial distress.

SCF conducts its operations in US dollars, which matches the
currency of its debt. Moody's estimates the company's projected
cash flow, which is largely contracted, to cover its operating
costs, maintenance capex and debt repayments up until mid 2017,
when the company's Eurobond matures. The company plans to invest
heavily into the construction of 10 new vessels, fully contracted
for long-term employment, over the course of 2015-17, subject to
availability of the respective financing. In December 2014 SCF
obtained a US$319 million 10-year senior secured project finance
loan from a consortium of international banks (with ING Bank N.V
(A2, on review for upgrade), acting as agent) to finance the
construction of two ordered LNG vessels for Shell Oil Company
(Aa2 stable) in January and April 2015. As of end- 2014, SCF had
around US$285 million in cash and US$447 million in committed
undrawn credit facilities maturing beyond the next 12 months.
Moody's notes that maturities of debts at the operating
subsidiaries secured by vessels can be typically rolled over, the
amount of such rollovers being subject to the age and the current
market value of the underlying assets. The agency will monitor
SCF's progress on the refinancing of its 2017 bond maturity.

SCF's guaranteed US$800 million bond maturing in October 2017 is
rated B1, two notches below the CFR. This reflects Moody's
opinion that senior unsecured debt represented by the bond is
structurally and contractually subordinated to approximately
US$2.0 billion of the company's debt located at the level of
operating companies and secured by the pledge of assets
(vessels).

The negative outlook on the ratings is consistent with the
outlook on the sovereign rating of Russia which is the main
support provider for the company as part of Moody's GRI
methodology.

Upward pressure on SCF's ratings is unlikely at present, given
the negative outlook, reflecting the linkages to the rating of
the sovereign. Sustainable deleveraging could place positive
pressure on the BCA, however the final rating would likely remain
constrained by the sovereign rating.

There could be negative pressure on SCF's ratings if (1) the
company's liquidity weakened; (2) its adjusted debt/EBITDA rose
above 6.5x and adjusted FFO interest coverage declined below 3.0x
on a sustained basis; or (3) there were negative changes in the
company's parent, the government of Russia, creditworthiness.
Moody's taking a view that the willingness and probability of the
government providing extraordinary support to the company has
decreased, would have a negative effect on the rating.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and the Government-Related Issuers methodology
published in October 2014.


VIMPELCOM LTD: Moody's Confirms 'Ba3' CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service confirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of VimpelCom Ltd.
Concurrently, Moody's has confirmed the Ba3 senior unsecured
issuer rating of Vimpel-Communications OJSC and Ba3 senior
unsecured ratings assigned to debt instruments issued by
VimpelCom Holdings B.V., Vimpel-Communications OJSC and VIP
Finance Ireland Limited. The outlook on all ratings is stable.
This concludes the review for downgrade initiated by Moody's on
December 23, 2014.

Moody's primarily bases its assessment of VimpelCom's business
and financial profile on its subsidiary VimpelCom Holdings
because it consolidates VimpelCom's businesses in Russia and
Ukraine, which underpin the VimpelCom group's ability to service
its debt obligations through cash distributions from those
entities.

The confirmation of VimpelCom's ratings reflects Moody's
expectation that, assuming there is no further material rouble
depreciation beyond the current levels, VimpelCom Holdings will
be able to maintain its financial metrics within Moody's guidance
for the Ba3 rating. The increase in VimpelCom Holdings' leverage
expected in 2015 will likely be temporary and will be mitigated
by the company's solid liquidity cushion and balanced debt
maturity profile.

Moody's estimates that leverage at VimpelCom Holdings, which was
2.8x adjusted debt/EBITDA as of September 2014, has grown to
above 3.0x as of year-end 2014. This rise was mainly because of
rouble depreciation, which materially reduced the company's
EBITDA in US dollars terms. Moody's expects that the company's
EBITDA and margins will decline further in 2015 as a result of
the challenging macroeconomic environment and recent national
currency depreciation in Russia and Ukraine.

However, assuming there is no further material rouble
depreciation beyond current levels, Moody's expects that
VimpelCom Holdings will be able to reduce its leverage below 3.0x
over the next 12-18 months (although not necessarily by year-end
2015). The rating agency bases this expectation on the assumption
that VimpelCom will use the US$3.8 billion in proceeds from the
recent sale of a 51% stake in its indirect subsidiary Orascom
Telecom Algerie SpA (Djezzy, unrated) to reduce debt consolidated
at or guaranteed by VimpelCom Holdings or its subsidiaries. In
particular, the company has already repurchased around US$580
million worth of rouble bonds under put options in March 2015 and
is to complete the repurchase of US$1.84 billion worth of
Eurobonds on April 2, 2015 under the tender offer announced on
March 2, 2015.

VimpelCom's Ba3 rating is also supported by (1) the company's
solid liquidity with a cash cushion which Moody's estimates at
more than US$7 billion as of January 2015 following the sale of
51% in Djezzy, out of which more than US$6 billion was in US
dollars (including only funds at VimpelCom Amsterdam B.V. and
VimpelCom Holdings and its subsidiaries), and balanced debt
maturity profile; (2) Moody's expectation that the company's
position in the Russian mobile market will remain strong,
supported by its optimization of tariff policies, continuing
expansion of LTE network and retail network, and advancement in
the fixed-line broadband and IP TV segment; (3) Moody's
expectation that the parent company's cash requirements will not
exert excessive pressure on VimpelCom Holdings' financial
metrics; and (4) Moody's expectation that VimpelCom will start
receiving regular dividends from Djezzy, although their amount
will likely be moderate compared with those that VimpelCom has
relied upon from its Russian and Ukrainian subsidiaries.

The rating also considers (1) the deteriorated operating
conditions in Russia and Ukraine; (2) the company's exposure to
national currencies depreciation, as around 70% of VimpelCom
Holdings' revenue is denominated in roubles and 10% in hryvna,
while more than 75% of debt is denominated in US dollars (as of
year-end 2014); (3) the increasing competition in the Russian
telecommunications market; (4) substantial capital expenditure
(capex) needed for continuing expansion of VimpelCom's mobile
data network in Russia; and (5) some uncertainty over VimpelCom's
capex outlays in Russia related to the reallocation of LTE
frequencies currently used by the military.

The stable outlook on the ratings reflects Moody's expectation
that (1) VimpelCom Holdings will maintain financial metrics
commensurate with the rating agency's guidance for the Ba3 rating
on a sustainable basis (although not necessarily at year-end
2015), while retaining its market share in Russia and adequate
liquidity, and (2) there will be no excessive requirements on
VimpelCom Holdings' cash flows on behalf of the larger group.

Upward pressure on the ratings is unlikely over the next 12-18
months considering the macroeconomic outlook for Russia. Moody's
could consider an upgrade of VimpelCom's ratings if (1) the
macroeconomic environment in Russia were to stabilize; (2)
VimpelCom Holdings' debt/EBITDA were to decline below 2.0x
(Moody's-adjusted) on a sustainable basis; and (3) the company
were to maintain its market position in Russia and adequate
liquidity. This assumes no material M&A transactions or debt or
corporate reorganizations within the group, and current ring-
fencing mechanisms at VimpelCom's business in Italy remaining in
place.

Conversely, Moody's could downgrade VimpelCom's ratings if
VimpelCom Holdings' debt/EBITDA were to rise above 3.0x (Moody's-
adjusted) on a sustained basis or VimpelCom Holdings' operating
profile, market position or liquidity were to deteriorate
materially.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Domiciled in Bermuda and headquartered in the Netherlands,
VimpelCom Ltd is a holding company for Vimpel-Communications
OJSC, Kyivstar, Wind Telecomunicazioni S.p.A. and Global Telecom
Holding S.A.E., with strong positions in Russia, Ukraine,
Kazakhstan, Italy, Algeria, Pakistan, and operations in countries
in the Commonwealth of Independent States (CIS), Africa and
South-East Asia. In the last 12 months to 30 September 2014,
VimpelCom generated revenue of US$20.8 billion and EBITDA of $8.6
billion (Moody's-adjusted). VimpelCom Holdings B.V. generated
revenue of US$11.0 billion and EBITDA of US$5.0 billion (Moody's-
adjusted) for the same period.



===============
S L O V E N I A
===============


AERO: Files for Receivership Following EUR7.7MM 2014 Loss
---------------------------------------------------------
SeeNews, citing state-run news agency STA, reports that the
management of Aero has filed for receivership after reporting a
loss of EUR7.7 million (US$8.3 million) in 2014.

According to SeeNews, STA said the decision by the management was
made after talks with the Aero's owners and creditors on the
company's financial restructuring failed.

Aero is a Slovenian maker of glues, paints and paper products.



=========
S P A I N
=========


ABANCA CORPORACION: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Abanca Corporacion Bancaria, S.A.'s
(Abanca) Long-term Issuer Default Rating (IDR) at 'BB+' and
Short-term IDR at 'B'.  The agency has also upgraded Abanca's
Viability rating (VR) to 'bb+' from 'bb-', mainly reflecting
improvements in asset quality and capital.  The Outlook on its
Long-term IDR has been revised to Stable from Negative.

KEY RATING DRIVERS - IDRS AND VR

Abanca's IDRs are now driven by its VR and reflect the bank's
still weak asset quality, despite the improvement shown in 2014,
modest underlying profitability and still high unreserved
impaired assets to capital.  Its ratings also consider the bank's
adequate funding and liquidity profile.  The revision in Outlook
reflects a stabilization of the bank's credit profile following
the improvements in its asset quality and capital.

The bank's non-performing loans (NPL) ratio improved to 13.5% at
end-2014 from 18.2% at end-2013, due to recoveries, write-offs,
and sale of impaired loans.  Around 30% of the ratio corresponds
to restructured loans that are performing but were restructured
in the past, and carry loan impairment reserves.  However, Fitch
believes this ratio is still high despite the bank having
transferred most of its real-estate assets to the Spanish bad
bank (SAREB).  Abanca's coverage ratio was reasonable at 53.5% at
end-2014, supporting further recoveries.

Abanca's reported net income in 2014 of almost EUR1.2 billion was
supported by capital gains from the sale of its sovereign debt
portfolio, and the activation of deferred tax assets (DTAs).
This was due to a change in the initial restructuring terms
agreed with the European Commission, and subsequent review of its
strategic plan.  Fitch views Abanca's underlying profitability as
still modest, despite being supported by lower costs and falling
impairment charges.

Abanca's exposure to unreserved problem assets measured against
Fitch core capital improved on the back of better asset quality.
The bank's Fitch Core Capital (FCC) ratio remained above 11% and
its regulatory common equity Tier 1 capital improved to 15.2% on
a phased-in basis and to 14.3% on a fully-loaded basis.  In the
short- to medium-term, Abanca's internal capital generation could
be affected by compulsory deferred payments shareholders have to
make to the Fund for Orderly Bank Restructuring (FROB) relating
to the 2013 purchase of Abanca from the Spanish government.

Abanca's funding profile is adequate, with its loans-to-deposits
ratio improving to 102% at end-2014 from 116% at end-2013.  The
bank finances its large portfolio of debt securities with
wholesale funding.  However, these are largely ECB-eligible
funds. Its unencumbered ECB-eligible assets represented around
15% of total assets at end-2014.

RATING SENSITIVITIES - IDRS AND VR

Following the upgrade of Abanca's VR, upside rating potential is
currently limited but could in the medium-term arise from further
improvement in asset quality indicators together with
strengthening underlying profitability.  These will ultimately
support the bank's capital, either through internal capital
generation or decreasing exposure to unreserved problematic
assets.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

Abanca's Support Rating Floor (SRF) reflects Fitch's expectation
that there is a moderate likelihood of state support for the
bank, if required.  This is due to its regional systemic
importance to Spain, particularly in the region of Galicia, with
a market share of 41% of deposits and 30% of loans at end-2014.

RATING SENSITVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

Abanca's SRs and SRFs are sensitive to a weakening of Fitch's
assumptions around Spain's ability and propensity to provide
support to banks.  Of these, the greatest sensitivity is to
progress made in the implementation of the BRRD and SRM, which is
likely to trigger a downgrade of the SR to '5' and a revision of
the SRF to 'No Floor' by end-1H15.

The rating actions are:

Long-term IDR affirmed at 'BB+'; Outlook changed to Stable from
Negative
Short-term IDR affirmed at 'B'
Viability Rating: upgraded to 'bb+' from 'bb-'
Support Rating affirmed at '3'
Support Rating Floor: affirmed at 'BB+'


BANCO MARE: Fitch Affirms 'BB+' IDR, Outlook Negative
-----------------------------------------------------
Fitch Ratings has affirmed Spain-based Banco Mare Nostrum S.A.'s
(BMN) Long-term Issuer Default Ratings (IDR) at 'BB+', with a
Negative Outlook, and its Short-term IDR at 'B'.

The agency has also upgraded the entity's Viability Rating (VR)
to 'bb' from 'bb-', mainly reflecting strengthening
capitalization and improvements to profitability after a
successful completion of cost rationalization.

KEY RATING DRIVERS - IDRS AND SENIOR DEBT, SUPPORT RATING AND
SUPPORT RATING FLOOR

BMN's Long-term IDR and senior debt ratings are driven by its
Support Rating Floor (SRF) and reflect Fitch's expectation that
there is a moderate likelihood of state support for the bank, if
required.  This is due to its regional importance within Spain,
with market shares exceeding 30% for deposits in most of its core
regions.

The Negative Outlook reflects Fitch's opinion that there is a
clear intent to reduce implicit state support for financial
institutions in the EU, as shown by a series of legislative,
regulatory and policy initiatives, including the EU's Bank
Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM).

RATING SENSITIVITIES - IDRS AND SENIOR DEBT, SUPPORT RATING AND
SUPPORT RATING FLOOR

BMN's Long-term IDR and senior debt ratings are predominantly
sensitive to the same factors as its Support Rating (SR) and SRF.

The SR and SRF are sensitive to a weakening of the assumptions
around Spain's ability and propensity to provide timely support
to the banks.  Of these, the greatest sensitivity is to progress
made in implementing the BRRD and the SRM which is likely to
trigger a downgrade of the SR to '5' and a revision of the SRF to
'No Floor' in 2Q15.  A downward revision of the bank's SRF would
result in the alignment of BMN's Long-term IDR and senior debt
ratings with its VR.

KEY RATING DRIVERS - VR

The upgrade of BMN's VR factors in its sound regional franchise,
improving capitalization, adequate funding and liquidity, and
significant progress made in its restructuring, resulting in
efficiency gains.  At the same time, the VR considers weak but
improving asset quality and the challenge of maintaining core
revenues amid a low interest-rate and business volume
environment.

The bank was financially supported by the authorities in February
2013 and has to date met most restructuring commitments with
authorities ahead of plan.  The restructuring included cost
rationalization, which has helped improve operational efficiency.
At the same time, BMN was required to retrench to retail and SME
banking in core regions, where it is a market leader and hence
benefits from some pricing power.

The bank's asset quality began to improve in 1H14, but remains
weaker than the sector, which in turn weighs on its ratings.  At
end-2014, BMN's non-performing loan (NPL) ratio was a high 13.8%
(16.9%, including foreclosed assets) despite transfers of most
real estate developer exposure to Spain's bad bank (SAREB).
While increasing, reserves held for NPLs (40%) remain on the low
side relative to peers, but this is in part because its loan
portfolio is heavily secured by residential properties.  The bank
also has a sizeable restructured loan book not treated as NPLs
(10.8% of gross loans), largely relating to individuals, that
could put pressure on BMN's asset quality.

BMN's capital ratios improved in 2014 due to earnings retention,
loan contraction, unrealized gains on securities and deferred tax
asset deduction relief from an amendment to corporate tax
legislation.  BMN's Fitch core capital-to-weighted risks ratio
was adequate at 11.6% at end-2014, but is still at risk from
unreserved problem assets.

BMN's funding structure is well-balanced, with deposits broadly
funding the bank's loan book.  Its liquidity position also
benefits from ample unencumbered assets and a diversified debt
maturity profile.

RATING SENSITIVITIES - VR

BMN's VR is primarily sensitive to developments in asset quality
and capitalization.  Spain's mild economic recovery may lead to
lower volumes of problem assets, potentially providing relief to
BMN's capitalization which could ultimately result in an upgrade
of the VR.  Conversely, any unforeseen sharp deterioration in
loan quality would add pressure to capital and hence on the
bank's VR.

BMN's VR is also sensitive to management's ability to improve
core revenue generation.  Success in developing the bank's SME
banking franchise while containing costs will be pivotal to
improving BMN' financial flexibility and strengthening its
internal capital generation.

KEY RATING DRIVERS AND SENSITIVITES - STATE-GUARANTEED DEBT

BMN's state-guaranteed debt has been affirmed at 'BBB+', in line
with Spain's Long-term IDR.  State-guaranteed debt issues are
senior unsecured instruments that bear the full guarantee of
Spain.  Consequently, its ratings are the higher of BMN's Long-
term IDR and Spain's Long-term IDR.

The bank's state-guaranteed debt ratings are sensitive to changes
to Spain's sovereign ratings.

The rating actions are:

BMN:

Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B'
VR: upgraded to 'bb' from 'bb-'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
Commercial paper Long-term rating: affirmed at 'BB+'
Commercial paper Short-term rating: affirmed at 'B'
Senior unsecured debt Long-term rating: affirmed at 'BB+'
Senior unsecured debt Short-term rating: affirmed at 'B'
State-guaranteed debt: affirmed at 'BBB+'


BANCO POPULAR ESPANOL: Moody's Rates AT1 Securities 'Caa1(hyb)'
---------------------------------------------------------------
Moody's Investors Service assigned a Caa1(hyb) rating to the
'high trigger' additional tier 1 (AT1) securities issued in
February 2015 by Banco Popular Espa¤ol S.A. (Popular; ratings of
Popular and its supported entities are deposits Ba3 on review for
upgrade; senior unsecured Ba3 on review for upgrade; subordinate
B2; junior subordinate B3(hyb); preferred shares rating
Caa1(hyb)).

These perpetual non-cumulative AT1 securities rank junior to all
liabilities of Popular, including subordinated liabilities other
than parity securities, and rank senior to common shares and
existing mandatory convertible notes. Coupons may be cancelled on
a non-cumulative basis at the issuer's option, and on a mandatory
basis subject to the availability of distributable items and
regulatory discretion. The principal of the securities will be
converted into a fixed number of shares if Popular's phased-in
bank or group consolidated Basel III Common Equity Tier 1 (CET1)
capital ratio falls below 7%.

Popular did not participate in the rating process for this
security. Whilst Popular is a Participating Issuer, subject to
Moody's definition of participation as referring to the
relationship Moody's maintains with the rated entity, Popular did
not participate in the rating process for this security.

The Caa1(hyb) rating assigned to the securities is based on the
likelihood of Popular's capital ratio reaching the conversion
trigger, the probability of a bank-wide failure and loss
severity, if either one or both these events occur. Moody's
assesses the probability of a trigger breach using an approach
that is model-based, incorporating the firm's creditworthiness,
its most recent CET1 level, and qualitative considerations
particularly with regard to how the firm may manage its CET1
level on a forward-looking basis. Moody's rates to the lower of
the model-based outcome and the bank's non-viability security
rating, which captures the risk of coupon suspension on a non-
cumulative basis. Moody's approach to rating high-trigger
contingent capital securities is described in its "Banks" rating
methodology, published in March 2015.

Popular has a Baseline Credit Assessment (BCA) of b1, which
incorporates the bank's overall intrinsic credit strength and the
most recently published group-level phased-in Basel III CET1
ratio was at 11.5% at year-end 2014 (Popular's bank-level CET1
ratio was 14.1% at the same date). The rating assessment was
based on Moody's view that a breach of the 'high trigger' at the
group level is more likely than at the bank level. Popular's BCA
and its group-level phased-in CET1 were used as inputs to the
model, which corresponds to an output of B3 (hyb).

The model output was then compared to the issuer's hypothetical
non-viability security rating, which is positioned based on
Moody's advanced Loss Given Failure (LGF) analysis and also
captures both the probability of impairment associated with non-
cumulative coupon suspension as well as the probability of a
bank-wide failure. Popular has not issued contractual non-
viability preferred securities, but were it to issue such
securities, Moody's would have rated them in line with its
traditional non-cumulative preferred securities (Caa1(hyb)).
Therefore, the 'high trigger' security rating is constrained by
the bank's non-viability security rating.

In addition, Moody's ran a model sensitivity analysis on Popular
that factors in changes to the group-level CET1 ratio. The
outcome of this sensitivity analysis confirms that a Caa1(hyb)
rating is resilient under the main plausible scenarios.

The rating of Popular's AT1 securities could be upgraded if
Popular's b1 BCA is raised.

Conversely, downward pressure on the rating of this instrument
could develop if Popular's BCA was adjusted downwards or if
Popular's group level phased-in CET1 ratio were to decline below
8.2% on a sustained basis. In addition, Moody's would also
reconsider the rating in the event of an increased probability of
a coupon suspension.

The principal methodology used in this rating was Banks published
in March 2015.

The entities covered by this press release are Banco Popular
Espa¤ol S.A. and its supported entities: BPE Capital
International Limited, BPE Finance International Limited, BPE
Financiaciones S.A., Banco Pastor S.A., Pastor Particip.
Preferent. S.A. Unipersonal, Popular Capital Europe B.V., Popular
Capital S.A., Popular Finance Europe B.V. and Popular Preference
(Cayman) Limited.


BANKIA SA: Fitch Raises Viability Rating to 'bb+'
-------------------------------------------------
Fitch Ratings has affirmed Spain-based Bankia, S.A.'s Long-term
Issuer Default Rating (IDR) at 'BBB-', with a Negative Outlook,
and its Short-term IDR at 'F3'.  The agency has also upgraded
Bankia's Viability Rating (VR) to 'bb+' from 'bb-', reflecting
improvements to its standalone credit profile, primarily in the
form of fewer non-performing loans, operational efficiency gains
from a restructuring that is largely completed, as well as
improvements in capitalization.

Fitch has also taken rating actions on BFA Tenedora de Acciones,
S.A.U. (formerly, Banco Financiero y de Ahorros S.A.; BFA),
Bankia's bank holding company, including a revision of its
Outlook to Positive from Negative and an upgrade of its VR to
'bb' from 'bb-'.

KEY RATING DRIVERS - BANKIA'S IDRS, SENIOR DEBT, SUPPORT RATING
AND SUPPORT RATING FLOOR

Bankia's Long-term IDR and senior debt ratings are driven by its
Support Rating Floor (SRF).  Bankia's SRF of 'BBB-' reflects the
high likelihood of state support, if needed.  This is because of
Bankia's systemic importance in Spain, with a national market
share of 8.5% for deposits.

The Negative Outlook on Bankia reflects Fitch's view that there
is intent to reduce implicit state support for financial
institutions in the EU, as demonstrated by a series of
legislative, regulatory and policy initiatives, including the
Bank Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM).

RATING SENSITIVITIES - BANKIA'S IDRS, SENIOR DEBT, SUPPORT RATING
AND SUPPORT RATING FLOOR

Bankia's Long-term IDR and senior debt ratings are predominantly
sensitive to the same factors that may drive a change in its
Support Rating (SR) and SRF.

Bankia's SR and SRF are sensitive to a weakening of the agency's
assumptions around Spain's ability and/or willingness to provide
support to these entities.  Of these, the greatest sensitivity is
to progress made in the implementation of the BRRD and SRM, which
is likely to trigger a downgrade of the SR to '5' and a revision
of the SRF to 'No Floor' in 2Q15.  This downward rating action
would result in Bankia's Long-term IDRs becoming driven by its
VR.

KEY RATING DRIVERS - BANKIA'S VR

Asset quality and capitalization are important VR drivers.
Although declining, problem assets (including non-performing
loans (NPLs) and foreclosures) remain large.  This means Bankia's
strengthened capitalization remains vulnerable to severe shocks
to asset prices and/or to deterioration in Spain's economic
conditions.

Fitch's assessment of earnings and profitability has improved,
including due to cost reductions under the bank's restructuring
plan, which has been largely completed ahead of plan, reflecting
competent execution capabilities.  Nonetheless, profitability in
2014 was supported by margins earned on a large securities
portfolio, funded by cheap ECB funds, which Fitch views as a
fairly low quality form of revenues.  Bankia's funding structure
still shows imbalances, although these are gradually reducing.

Volumes of NPLs dropped in 2014, ahead of many peers due to both
higher recoveries and sales, in particular in SME and consumer
loans.  At end-2014, Bankia's NPL ratio improved to 12.9% from
14.7% one year earlier, but continues to be on the high side
relative to investment-grade rated domestic peers and by
international standards, which in turn weighs on its ratings.
This is despite Bankia's small exposure to real estate developers
after the transfers to Spain's bad bank (SAREB) in December 2012.
Bankia's large restructured loan book not captured in the NPL
ratio (12.3% of gross loans) could pose add-on risks under
stress. Foreclosure books are smaller than at many domestic peers
and retail in nature.

Fitch expects NPLs to trend lower further in 2015 as the economy
recovers.  At 58% at end-2014, Bankia's impairment reserves held
against NPLs remained stable and at the higher end of the range
for Spanish banks, further facilitating recoveries and sales in
the foreseeable future.

Bankia's capitalization also improved in 2014, benefiting from
de-risking, deferred tax asset deduction relief following an
amendment of the corporate tax framework, and higher earnings.
At end-2014, Bankia's Fitch core capital/weighted risks ratio was
adequate at 11.7%, absent of any further stress in its still
large (albeit declining) unreserved problem assets.  Fitch
assumes that litigation risks from the civil proceedings linked
to the initial public offering (IPO) of Bankia shares are
unlikely to have a material impact on the bank's capital and
therefore on its rating.

In addition to problem loan management, Bankia's challenge is to
transform its business profile by expanding its retail franchise
towards SMEs and thereby rebuilding banking revenues, which
remain fairly weak.  In 2014, earnings improved due to a lower
cost base, evidencing the benefits of the restructuring, lower
impairments, and firmer (although still tight) margins.  In
Fitch's opinion, it will be challenging for Bankia to improve
banking earnings in 2015 given low interest rates and modest
volumes, although margins on its core business may continue to
widen due to lower funding costs.

Funding and liquidity also improved in 2014, due to above-sector
loan shrinkage, growth of deposits and regained debt capital
market access.  These factors helped reduce funding reliance on
the ECB, although we expect this to remain higher than peers in
the medium-term given the need to fund the bank's large bond
portfolio, including SAREB-related bonds.  Unencumbered liquid
assets are adequate in light of scheduled debt repayments.

RATING SENSITIVITIES - BANKIA'S VR

Bankia's VR is primarily sensitive to asset quality and capital
generation developments, both of which are on an improving trend.
Its VR is likely to be upgraded further in the next 12-18 months
if the bank continues to make material progress in reducing
problem assets, while improving banking earnings and maintaining
sound capitalization.  Further rebalancing of the funding mix
would also be VR-positive.

Fitch views a VR downgrade as unlikely in the foreseeable future,
although it could stem from renewed pressures on asset quality
and hence on earnings and capital, and/or due to an unforeseen
increase in litigation-related issues that represent a risk to
its capital base.

KEY RATING DRIVERS AND SENSITIVITIES - BANKIA'S SUBORDINATED DEBT

Subordinated debt issued by Bankia is notched down once from the
bank's VR to reflect above-average loss severities for this type
of instrument.  Bankia's subordinated debt ratings have been
upgraded to 'BB', in line with the upgrade of the bank's VR, and
are broadly sensitive to further changes in Bankia's VR.

KEY RATING DRIVERS AND SENSITIVITES - BFA'S IDRS, SENIOR DEBT AND
VR

BFA is wholly owned by Spain's Fund for Orderly Bank
Restructuring (FROB) and retained a 62.2% controlling stake in
Bankia at end-2014.

Following the upgrade of its VR, BFA's IDRs and senior debt
ratings are based on the VR, which is in turn driven by that of
Bankia as this is one of BFA's principal assets, at about 33% of
BFA's unconsolidated balance-sheet as of end-2014.

BFA's VR is notched down once from Bankia's to reflect Fitch's
belief that BFA's strategy is to gradually reduce its majority
ownership, although the timing is uncertain as there is no
deadline set out in its restructuring plan.  In February 2014,
BFA sold a 7.5% interest in Bankia.  Another factor driving BFA's
VR includes potential litigations related to the burden-sharing
of retail-placed hybrid securities and the IPO of Bankia shares.
BFA's VR also addresses BFA's moderate double leverage of 90% at
end-2014 (or a moderate 100%, if adjusted for other less liquid
assets held by BFA) and manageable indebtedness given the fairly
high liquidity and valuation of assets other than Bankia.

BFA also has substantial bond holdings (54% of total assets) that
directly or indirectly relate to the Spanish state and the ESM.
A portion of these assets is used as collateral for repos, in
part with Bankia.  Liquidity reserves are ample (20% of
unconsolidated assets) in light of unsecured debt repayments,
which largely relate to state-guaranteed debt maturing in 2015
and 2016.

As part of the group's restructuring process, BFA surrendered its
banking license in early 2015, but continues to be the
consolidating entity of the group and is supervised by the
banking authorities on a consolidated basis given its stake in
Bankia. BFA's transitional CET1 ratio was 13.3% at end-2014, but
included transitional items from deferred-tax assets and
minorities at Bankia that may affect the ratio as they are being
phased out.

The Positive Outlook on BFA reflects upside rating potential as
Bankia continues to improve its overall credit profile.

BFA's VR is currently sensitive to the same considerations that
may affect Bankia's VR.  Its VR may also be affected by a
reduction of BFA's stake in Bankia that results in a loss of
control over Bankia and/or changes in the supervision approach of
the group.  However, this would depend on how any sale proceeds
are used.

The VR may also suffer from a deterioration of BFA's standalone
credit profile, which could mainly emanate from a lower value or
liquidity of its investments and/or higher debt levels and
double-leverage.  However, Fitch views them as remote risks.

KEY RATING DRIVERS AND SENSITIVITES - BFA'S SUPPORT RATING AND
SUPPORT RATING FLOOR

BFA's SR of '3' and SRF of 'BB' have been affirmed, reflecting a
moderate probability of support.  BFA's SRF is two notches lower
than Bankia's due to its role as a bank holding company, instead
of as a deposit-taker.  BFA's SR and SRF are sensitive to the
same factors that may affect Bankia's SR and SRF.

KEY RATING DRIVERS AND SENSITIVITES - BFA'S STATE-GUARANTEED DEBT

The state-guaranteed debt of BFA has been affirmed at 'BBB+', in
line with Spain's Long-term IDR.  State-guaranteed debt issues
are senior unsecured instruments that bear the full guarantee of
Spain.  Consequently, its ratings are the higher of BFA's Long-
term IDR and Spain's Long-term foreign currency IDR.  The bank's
state-guaranteed debt ratings are sensitive to changes to Spain's
sovereign ratings.

The rating actions are:

Bankia:

Long-term IDR affirmed at 'BBB-'; Outlook Negative
Short-term IDR affirmed at 'F3'
Viability Rating: upgraded to 'bb+' from 'bb-'
Support Rating affirmed at '2'
Support Rating Floor: affirmed at 'BBB-'
Long-term senior unsecured debt: affirmed at 'BBB-'
Commercial paper: affirmed at 'F3'
Market-linked senior unsecured securities: affirmed at 'BBB-emr'
Subordinated debt: upgraded to 'BB' from 'B+'

BFA:

Long-term IDR: affirmed at 'BB'; Outlook revised to Positive from
Negative
Short-term IDR: affirmed at 'B'
VR: upgraded to 'bb' from 'bb-'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Long-term senior unsecured debt: affirmed at 'BB'
State-guaranteed debt: affirmed at 'BBB+'


LIBERBANK SA: Fitch Affirms 'BB+' IDR; Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed Spain-based Liberbank S.A.'s Long-term
Issuer Default Rating (IDR) at 'BB+', with a Negative Outlook,
and Short-term IDR at 'B'.  The agency has also affirmed the
bank's Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS - IDRS AND SENIOR DEBT, SR AND SRF

Liberbank's IDRs are driven by its Support Rating Floor (SRF) and
reflect Fitch's expectation that there is a moderate likelihood
of state support, if required.  This is due to the bank's
regional importance within Spain, with deposit market shares
exceeding 22% in all the core regions where it operates.

The Negative Outlook on Liberbank's Long-term IDR reflects
Fitch's opinion that there is a clear intent to reduce implicit
state support for financial institutions in the EU, as shown by a
series of legislative, regulatory and policy initiatives,
including the EU's Bank Recovery and Resolution Directive (BRRD)
and the Single Resolution Mechanism (SRM).

RATING SENSITIVITIES - IDRS AND SENIOR DEBT, SUPPORT RATING (SR)
AND SRF

Liberbank's Long-term IDR is predominantly sensitive to those
factors affecting its SR and SRF.

The SR and SRF are sensitive to a weakening of the agency's
assumptions around Spain's ability and/or propensity to provide
support to the bank.  Of these, the greatest sensitivity is to
progress made in implementing the BRRD and the SRM, which is
likely to trigger a downgrade of Liberbank's SR to '5' and
revision of its SRF to 'No Floor' in 2Q15.  This negative rating
action would result in the alignment of Liberbank's Long-term IDR
with its VR.

KEY RATING DRIVERS -VR

Liberbank's 'bb' VR takes into account its sound regional
franchise, improved capitalization, adequate funding and
liquidity, and progress made in its restructuring, resulting in
some efficiency gains.  At the same time, the VR considers the
bank's exposure to a legacy portfolio of problematic assets under
an asset protection scheme (APS), which undermines its asset
quality, and the challenge of sustaining adequate core revenue
generation amid a low interest-rate and business volume
environment.

Liberbank was financially supported by the authorities in
February 2013 and has to date met most restructuring commitments
with the authorities ahead of plan.  The restructuring included
cost rationalization, which has helped improve operational
efficiency.

At end-2014, Liberbank's non-performing loan (NPL) ratio was a
high 21.5% (25.5%, including foreclosed assets), but this is
heavily affected by a legacy real estate portfolio acquired in
2010 that was not transferred to SAREB, Spain's bad bank.  This
exposure has an APS from the banks' Deposit Guarantee Fund, which
provides reserve coverage of up to a reasonable 52.8%.  Excluding
the APS portfolio, the bank's NPL ratio was 10.6%, below sector
average, due to a large stock of good quality residential
mortgages from home regions.  Reserves for NPLs not related to
the APS, at 44.5%, are adequate given the bank's large portion of
mortgage collateral that should provide additional protection.

Liberbank's capitalization improved in 2014 thanks to earnings
retention, loan contraction, large unrealised gains on securities
and deferred tax asset deduction relief following an amendment to
the corporate tax legislation.  In June 2014, Liberbank also
raised EUR575 million of fresh capital from private investors and
in 4Q14 repaid EUR124 million CoCos from Spain's Fund for Orderly
Bank Restructuring (FROB).  Liberbank's Fitch eligible capital
(FEC) ratio was an adequate 14.7% at end-2014, but also at risk
from residual APS exposures as these will be risk-weighted from
2017.

Liberbank's funding structure is well-balanced with customer
deposits broadly funding the bank's loan book.  The liquidity
position also benefits from ample unencumbered assets relative to
debt maturities.

RATING SENSITIVITIES -VR

Liberbank's VR is primarily sensitive to developments in asset
quality and capitalization.  Spain's mild economic recovery may
help to reduce volumes of problem assets.  Liberbank's asset
quality trends will depend on its ability to manage down the APS
portfolio.  Better property market dynamics could help achieve
this.  Liberbank's VR could be upgraded if asset quality
improvements materialize earlier than anticipated thus supporting
capital.  The VR may also benefit from any improvement in core
revenue generation, which could be achieved by a successful
development of its SME franchise, while costs are contained.

Conversely, any unforeseen sharp deterioration in loan quality
would add pressure on capital and thus the VRs could be
downgraded.  Fitch views the likelihood of this as limited.

SUBSIDIARY AND AFFILIATED COMPANY KEY RATING DRIVERS AND
SENSITIVITIES

Banco CLM, a 75%-owned bank subsidiary of Liberbank, is the spun-
off banking business of the failed Caja de Ahorros de Castilla-La
Mancha (CCM) and is fully consolidated into the group's accounts.

Banco CLM's IDRs and senior debt ratings are aligned with
Liberbank's as Fitch views Banco CLM as an integral part of
Liberbank's core business.  Banco CLM strengthens the bank's
franchise in Castilla-La Mancha and provides geographical
diversification to the group.  Banco CLM is also highly-
integrated into the group.

Banco CLM's IDRs are sensitive to those of Liberbank and/or to
any change in the level of relative importance of Banco CLM
within the group, which Fitch sees as very unlikely.

The rating actions are:

Liberbank:
Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B'
VR: affirmed at 'bb'
Support Rating: affirmed at '3'
SRF: affirmed at 'BB+'

Banco CLM:
Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B'
Support Rating: affirmed at '3'
Senior unsecured debt: affirmed at 'BB+'


SPAIN: Bad Bank Doubles Losses to EUR585 Million in 2014
--------------------------------------------------------
Thomas Hale at The Financial Times reports that Sareb, Spain's
so-called bad bank, doubled its losses in 2014 even as the
country's broader real estate sector continues to recover.

The asset management company reported losses of EUR585 million
over 2014, compared with EUR261 million a year ago, on the back
of EUR719 million in provisions on some of its assets after
consultation with the Bank of Spain, the FT relates.

Sareb, created in late 2012 following Spain's real estate
collapse and financial crisis, was designed to absorb and
eventually resell soured property assets, the FT recounts.

Just over EUR50 billion of assets were transferred from the
country's bailed out banks in two tranches in late 2012 and early
2013, the FT discloses.  Of particular importance were assets
from Bankia, which embodied Spain's crisis following its ill-
fated 2011 flotation, the FT states.  The bank has since returned
to profitability and in February said it would pay a dividend,
the FT notes.

Sareb, which has 15 years to sell off its assets, has whittled
its portfolio down to just over EUR44 billion as of the end of
2014, the FT relays.

Although the company made a loss last year, it said it stands to
benefit from Spain's broader recovery, according to the FT.



=====================
S W I T Z E R L A N D
=====================


DUFRY AG: S&P Puts 'BB+' CCR on CreditWatch Negative
----------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB+'
long-term corporate credit rating on Swiss travel retailer Dufry
AG on CreditWatch with negative implications.  S&P also placed
its ratings on the company's senior unsecured debt instruments on
CreditWatch negative.

The CreditWatch placement follows Dufry's announcement that it
plans to acquire 100% of competitor World Duty Free (WDF) for an
enterprise value of EUR3.6 billion, which is equivalent to
approximately CHF3.8 billion.  It will finance the transaction
with a fully underwritten bridge loan, of which it will refinance
at least CHF2.2 billion through equity instruments and up to
CHF1.6 billion through additional debt.

Although Dufry will acquire 50.1% of WDF through a private
transaction with the Benetton family, it stated it will launch a
mandatory takeover offer for the publicly held remainder.  In
addition to approval from antitrust authorities, Dufry requires
shareholders to approve the capital increase at the extraordinary
general meeting (EGM) in May 2015.  It is also uncertain how many
of World Duty Free's minority shareholders will accept the offer.
Nevertheless, Dufry expects the transaction to close in the third
quarter of 2015.

In S&P's view, this acquisition would strengthen Dufry's position
as the world's leading travel retailer.  Following the
acquisition of competitor The Nuance Group in 2014, Dufry
expanded its market share in the airport retail industry to 15%
from 9%-10%.  Upon closure of the planned acquisition of WDF,
Dufry's market share would increase further to about 24%, thereby
significantly exceeding that of the world's number two LS Travel
Retail (Lagardere group), which has about an 8% market share.

Dufry's larger size after the acquisition will likely result in
improved purchasing power and stronger negotiating positions with
its suppliers.  It should also better position the company to
compete for new and up-for-renewal concession contracts.  In
combination with lower costs from the closure of WDF headquarters
and the adoption of uniform logistics and IT systems, total
synergies of the WDF transaction could reach about CHF100 million
annually.

S&P already views Dufry's geographical mix as well balanced,
enabling the company to offset negative swings in some markets
through better business in other markets.  The acquisition of WDF
would further enhance Dufry's geographical reach, as WDF is
particularly strong in the U.K. and Spain, where Dufry currently
has fairly limited exposure.

Although the average duration of concessions from The Nuance
Group was below the figure S&P estimated for Dufry (about six
years), WDF's concessions have an average duration of more than
nine years.  In S&P's view, this provides fairly good visibility
for the years to come and implies limited risk of shortfalls in
revenues and profits from unexpected concession terminations.

Excluding the WDF acquisition, S&P estimates Dufry's Standard &
Poor's-adjusted EBITDA margin to be about 12.0% for 2015 and
12.0%-12.5% for 2016. This equates to an EBITDA margin of 35%-40%
before concession fees, which S&P views as above average.
According to S&P's estimates, the WDF acquisition would lead to a
mild decline in the Standard & Poor's-adjusted EBITDA margin of
50 basis points (bps) to 100 bps.  However, before concession
fees, there should be an improvement of about 100 bps.  As such,
S&P regards the effect of the possible acquisition of WDF on
Dufry's profitability as broadly neutral.  However, S&P believes
that the acquisition will weaken Dufry's leverage metrics,
possibly leading to a deterioration of our financial risk
assessment to the "aggressive" category.

Assuming an equity contribution of CHF2.2 billion, S&P estimates
that for 2015 and 2016, a full takeover could lead to a reduction
in S&P's FFO to debt ratio to about 20% from 25%.  This would be
borderline between a "significant" and an "aggressive" financial
risk assessment.  S&P's adjusted debt to EBITDA ratio would
likely rise to 3.5x-4.0x from about 3.0x, which is in the upper
part of the "significant" range.  Further, the acquisition would
likely have a small negative impact on S&P's adjusted EBITDA
interest coverage and would reduce S&P's free operating cash flow
to debt ratio by some 100 bps to 11%-13%.

Although S&P foresees no meaningful impact on our EBITDAR
interest plus rent coverage ratio, at about 1.3x it would
continue to fall within the "highly leveraged" category.  S&P is
mindful that in the case of Dufry, this ratio reflects the high
level of concession payments and that the vast majority of
Dufry's payments are variable.

S&P plans to resolve the CreditWatch placement upon receipt of
further details of the deal, such as the exact amount of
additional capital, and once S&P has sufficient certainty that
the acquisition is going to close.  An important milestone for
this would be the approval of the planned capital increase at the
EGM in May 2015.  At that time, S&P will determine what change,
if any, is appropriate for its long-term issuer credit rating on
Dufry as well as S&P's ratings on its outstanding debt
facilities. S&P's assessment will also be driven by financial
policy considerations, such as management's stance toward further
M&A activity.

S&P could lower the ratings by one notch if it believed that
despite the strengthening of Dufry's competitive position, S&P's
financial risk assessment of the company would fall into the
"aggressive" category compared to "significant" currently.


DUFRY AG: Fitch Lowers IDR to 'BB-'; Outlook Negative
-----------------------------------------------------
Fitch Ratings has downgraded Swiss retailer Dufry AG's Issuer
Default Rating (IDR) and Dufry Finance S.C.A.'s senior unsecured
notes to 'BB-' from 'BB'.  The Outlook is Negative.

Fitch has also assigned an expected rating of 'BB-(EXP)' to Dufry
Finance S.C.A.'s new senior unsecured notes of up to CHF1,100
million with an expected maturity of eight years.

The senior unsecured notes, including the new issuance, are rated
as the same level as the IDR, ranking equally among themselves
and the new and existing term loans.

The rating actions follow Dufry's announcement to acquire World
Duty Free Group (WDF), which is subject to shareholders' and
anti-trust approvals, and reflect the resultant increase in
leverage and operational risk at the company.  Fitch expects
Dufry's FFO adjusted gross leverage to increase by up to 1.0x to
7.0x from FY14's level and the company to face operational
challenges in integrating WDF, which is taking place in parallel
with the integration of Nuance Group purchased in 2014.  The
Negative Outlook reflects Fitch's expectation that it would take
longer than two years for Dufry to reach the target FFO adjusted
net leverage of 5.0x, which Fitch views as compatible with a 'BB-
' rating.

KEY RATING DRIVERS

Pressure from Execution Risks

A simultaneous integration of two transformational acquisitions
such as WDF and Nuance, which together equal Dufry on a stand-
alone basis, materially increases the execution risks.
Unsuccessful and /or delayed integration of the new operations
could lead to earnings and cash flow margin dilution, weakening
Dufry's operational profile and materially impacting its ability
to de-leverage.

Improving Competitive Profile

Fitch acknowledges the compelling industrial logic behind the
acquisition and the strong credit-enhancing impact it will have
on Dufry's business profile through scale-driven efficiencies.
The merits of Dufry's business model for the stability of its
performance are evidenced in the steady organic growth over the
last five years.  Fitch expects this trend to continue in the
long run, despite an inherently volatile operating environment
that is exposed to volume risks.

Weakened Credit Metrics

Fitch considers that Dufry's credit metrics are no longer
commensurate with 'BB' financial risk.  Assuming completion of
the full purchase of Dufry at the intended valuation of EUR3.7
billion by 3Q15, we expect FFO adjusted gross leverage to reach
7.0x at end-2015 and remain at 6.0x- 6.5x thereafter.  Fitch
forecasts a FY15 FFO-based net leverage should drop gradually to
approximately 5.0x at FYE18.  The pace of de-leveraging before
Dufry can reach the net leverage target of 5.0x is slower than
Fitch had previously expected.  Fitch also forecasts a FFO fixed
charge cover of 2.3x during the same period, down from our
previously estimated 2.5x. All this contributed to our decision
to downgrade Dufry to 'BB-' from 'BB' and maintain Negative
Outlook.

No Further Debt-Funded Acquisitions

The Fitch base case assumes no further debt-funded acquisitions.
Any business acquisition in the medium term, which is most likely
to be of non-transformational nature, will have to be funded with
internal cash in combination with equity for it not to threaten
the current ratings.  Fitch's assessment of further non-dilutive
acquisitions would also be conditional on evidence of a
successful integration of Nuance and WDF by end-2016 through a
sustained expansion of earnings and cash flows.

LIQUIDITY AND DEBT STRUCTURE

Strong Internal Liquidity

Fitch projects the post-acquisition Dufry should generate between
CHF200 million-CHF400 million of annual free cash flow, which is
sufficient to address its operating needs and implement the new
business plan. Fitch also expects consistent accumulation of cash
reserves exceeding an aggregate CHF1 billion by end-2018, after
considering restricted or otherwise not readily available cash of
CHF100 million.  Dufry also has an RCF of CHF900m due in July
2019, of which CHF157 million was drawn at end-2014.

Diversified Funding

Dufry benefits from a highly diversified back-ended funding
structure containing public debt (40% of total committed debt)
and bank loans (60%).  All of the bank debt, assuming final
maturity of the new term loan is in line with information
received by Fitch, is due in 2019.  The public debt is due
between 2020 and 2023 (subject to change following launch of the
new public debt instruments).

KEY ASSUMPTIONS

Fitch's key assumptions for our rating case for Dufry include:

   -- sales growth in FY15-16 driven by the WDF and Nuance
      acquisitions, thereafter at 3% p.a.
   -- minimum guaranteed payments for concessions at 4% of sales
   -- stable EBITDA margin at around 13%
   -- capex at 3% of sales
   -- dividends to minorities equal to 5% of EBITDA, no dividends
      to shareholders
   -- no further acquisitions

RATING SENSITIVITIES

Negative: Future developments that could lead to a downgrade
include:

   -- Fitch's expectation that beyond the second year from
      completion of the transaction, FFO adjusted gross leverage
      would remain above 5.5x (or 5.0x on a net basis) and FFO
      fixed charge cover below 2.25x, due to an adverse shift in
      the operating environment, persisting organic issues and/or
      continuing appetite for debt-funded acquisitions

   -- EBITDA margin less than 12% coupled with FCF margin below
      4% on a sustained basis, particularly as a result of
      challenges in integrating the WDF acquisition

Positive: Future developments that could lead to the Outlook
being revised to Stable include:

   -- Fitch's confidence that a decrease of FFO adjusted gross
      leverage towards 5.5x (net 5.0x) and FFO fixed charge cover
      remaining above 2.25x is achievable within two years from
      completion of the transaction and EBITDA margin remaining
      above 12%, coupled with FCF margin above 4% on a sustained
      basis



=============
U K R A I N E
=============


DELTA BANK: Vorushylin Says Liquidation Worst Case Scenario
-----------------------------------------------------------
Interfax-Ukraine reports that the liquidation of Delta Bank and
large-scale payments to its depositors by the Individuals'
Deposit Guarantee Fund is the worst case scenario.

According to Interfax-Ukraine, Kostiantyn Vorushylin, director-
manager of the fund, said "The worst option is the liquidation of
the bank.  According to tentative calculations, UAH16.7 billion
is to be paid via the fund. The figure is large".

Mr. Vorushylin, as cited by Interfax-Ukraine, said that the major
part of the bank's assets has been used as collateral two of
three times, including UAH9.3 billion under National Bank of
Ukraine refinancing credits, and that no one has learnt the real
state of affairs at the bank yet.

He said that there are two options for settling the situation:
the formation of a transition bank or assigning an accepting
bank, Interfax-Ukraine relays.

"The option [of the formation of the transition bank] is working.
However we should understand that it should have a large charter
capital: ideally UAH10 billion . . . This is not the
restructuring of old debts, but injecting "live" money,"
Interfax-Ukraine quotes Mr. Mr. Vorushylin as saying.

Mr. Vorushylin also said that PrivatBank, the largest bank in
Ukraine, has shown an interest in the retail portfolio of Delta
Bank, Interfax-Ukraine notes.

He said that additional consultations and agreement with the
World Bank and the International Monetary Fund (IMF) over any
action taken would be required, Interfax-Ukraine relates.

According to Interfax-Ukraine, Mr. Vorushylin also said that the
NBU supported the nationalization of Delta Bank, while the
Finance Ministry opposed it.

He said that the transfer of Delta Bank to the Deposit Guarantee
Fund would require an increase of the fund's financing: the UAH20
billion foreseen in the budget is not enough to settle payments
to depositors, Interfax-Ukraine relays.

He said that the largest fund financing could reach UAH50
billion, Interfax-Ukraine notes.

He also said that the cost of loans made by the fund is being
discussed, Interfax-Ukraine relates.

Delta Bank is based in Kyiv.  Temporary administration at Delta
Bank was introduced on March 3, 2015.


UKRLANDFARMING PLC: S&P Lowers CCR to 'CC'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
currency corporate credit rating on Ukraine-based agribusiness
company UkrLandFarming PLC to 'CC' from 'CCC-'.  The outlook is
negative.

S&P also lowered its issue rating on UkrLandFarming's US$500
million unsecured notes to 'CC' from 'CCC-'.  The recovery rating
on these notes remains at '4', indicating S&P's expectation of
average (30%-50%) recovery in the event of a payment default.
S&P's recovery expectations are in the lower half of the 30%-50%
range.

The downgrade of UkrLandFarming reflects the increased risk that
the company could default on its financial debt obligations in
the next few months.  S&P understands that Ukrainian companies
are experiencing severe constraints in accessing external
liquidity sources.  Current political and financial tensions do
not appear near an end, and the evolution of the current
situation is unpredictable.  In this scenario, S&P believes that
there is an increased risk that UkrLandFarming could default on
payments due on bank loans.

On March 19, 2015, the National Bank of Ukraine decided to revoke
the banking license of VAB BANK PJSC, one of the company's
lenders by S&P's understanding.  The bank's main shareholder is
Oleg Bakhmatyuk, who is also the main shareholder of
UkrLandFarming.  S&P also notes the upcoming maturity on Oct. 29,
2015, of a US$200 million Eurobond issued by Avangard Co., a
"highly strategic" subsidiary of UkrLandFarming under our
criteria.  If the company is not able to refinance Avangard Co.'s
Eurobond, a cross-default clause on UkrLandFarming's outstanding
US$500 million unsecured notes can be enforced.  Given the very
challenging political and financial conditions in Ukraine, S&P
believes that the company might have difficulties refinancing in
advance the maturing bond with a new Eurobond or with new bank
lines.

S&P's rating on UkrLandFarming reflects S&P's assessments of the
company's business risk profile as "vulnerable" and its financial
risk profile as "aggressive."  It also reflects the negative
impact of "weak" liquidity and the increased likelihood of
default, due to the significant refinancing risk deriving from
the very tough and unpredictable situation in Ukraine.  S&P
understands that apart from the US$500 million Eurobond, the rest
of the financial debt is short term and is renewed on very short
maturities.

The negative outlook reflects the possibility of a downgrade of
UkrLandFarming in the next few months if S&P thinks a default on
its financial debt obligations is approaching.  This could be
triggered by the company's inability to refinance Avangard Co.'s
bond or by a missed payment on debt principal or interest to
banks or other lenders.

The negative outlook also mirrors S&P's negative outlook on
Ukraine, and it reflects the severe constraints currently faced
by Ukrainian companies in accessing external liquidity sources.
However, a downgrade of Ukraine or a downward revision of S&P's
transfer and convertibility assessment (which reflects Standard &
Poor's view of the likelihood of a sovereign restricting non-
sovereign access to foreign exchange needed to satisfy the non-
sovereign's debt service obligations) would not automatically
result in a downgrade of UkrLandFarming, for example, if it
demonstrated resilience to country-specific risks (such as
stricter currency restrictions) and continued to repay its
financial debt.



===========================
U N I T E D   K I N G D O M
===========================


KEMBLE WATER: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Kemble Water Finance Limited's (Kemble
Water) Long-term Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook and its senior secured rating at 'BB'. The agency
also affirmed Thames Water (Kemble) Finance PLC's (TWKF) GBP400m
senior secured bond issue at 'BB', which is guaranteed by Kemble
Water.

Kemble Water is a holding company of Thames Water Utilities
Limited (Thames Water), the regulated monopoly provider for water
and wastewater services in London and the surrounding areas.

The rating affirmation reflects Fitch's expectation that Kemble
Water will have adequate ability to service its debt despite our
expectation of weak dividend cover in the first two years of
period April 2015 to March 2020 (asset management plan 6; AMP6)
due to low inflation expectations and Thames Water's high capital
expenditure. It also reflects the company's satisfactory
operating and regulatory performance. Fitch views the efficiency
challenge embedded in the final determination of tariffs for AMP6
as increasing business risk in the water sector. Ofwat, the
economic regulator for the UK water industry, is more focused on
consumer interests in relation to investor interests than in the
past.

KEY RATING DRIVERS

Reducing Financial Flexibility

Fitch forecast Kemble Water will maintain gearing below 90%
pension-adjusted net debt/economic regulatory asset value (RAV;
FY14: estimated at 89.6%), post-maintenance interest cover on
average around 1.05x (FY14: 1.36x) and dividend cover on average
around 2.1x (FY14: 2.86x).

These financial ratios differ from Kemble Water's investor
report. Fitch adjusts cash interest to reflect non-cash debt
movements resulting from certain index-linked swaps. The agency
also reviews the RAV for variations of capital investment and
anticipated prospective changes to be made by the regulator, for
example related to the performance-sharing mechanism for total
expenditure.

Dividend Cover Temporarily Weak

In FY16 and FY17 dividend cover is expected to be slightly above
1x, ie the operating company will only distribute sufficient
funds to service holding company debt, before rising to around 3x
in the later years of the price control. This is due to lower
expected inflation and materially higher capital expenditure in
the early years. Therefore, the agency has affirmed the Long-term
IDR with Stable Outlook. If there are any developments that would
restrict dividend cover for longer, a downgrade would be
considered.

Achievable Total Expenditure Targets

Over the period April 2010 to March 2015 Thames Water managed
operating and capital expenditure broadly in line with allowances
(particularly after removing any impact from retail operations,
which are subject to a separate price control going forward);
many companies managed to outperform over the same period.

For AMP6, Thames Water will receive an increase of around GBP240
million compared with its business plan, while a few schemes were
not fully funded by the regulator. Thresholds for some outcome
delivery incentives were tightened by Ofwat, which will likely
result in some additional expenditure to meet targets. Fitch's
rating case assumes that the company will be able to meet
allowances from the final determination, which incorporates some
headroom for exceptional expenditure and, possibly, some
additional pension deficit repair.

Scope for Retail Performance Improvement

In terms of the service incentive mechanism, which measures
customer satisfaction, the company scored 71 out of 100 for FY14,
a low ranking in the industry. The doubtful debt charge and debt
management costs remain at a high level. Fitch includes GBP125m
of underperformance in the rating forecast for the retail
function, reflecting i) the efficiency challenge related to the
average cost to serve and de-linking retail costs from RPI and
ii) additional expenditure to enhance expertise and improve
workflow processes for customer service.

Meeting Regulatory Targets

In the financial year to March 2014 (FY14) Thames Water reported
marginal asset serviceability for sewerage infrastructure and the
number of sewer flooding incidents exceeded its target. The
company met leakage targets for the eighth consecutive year. The
agency expects that stable asset serviceability should be
achieved for all asset categories in the medium term, given that
some of the reference thresholds applicable to sewerage
infrastructure assets have been re-set as part of the price
control settlement.

KEY ASSUMPTIONS

Fitch's key assumptions for Thames Water include:

   -- Regulated revenues in line with the final determination of
      tariffs for AMP6, i.e. assuming no material over- or under-
      recoveries

   -- Total expenditure to be broadly in line with the final
      determination over the five-year period

   -- Retail costs around GBP125 million above allowances over
      the five-year period (profile of under-performance skewed
      towards the later years of the price control)

   -- Non-appointed EBITDA of around GBP10 million per annum

   -- Retail price inflation of 0.75% for FY15, 1% for FY16, 2%
      for FY17 and 2.5% thereafter

   -- No impact on cash flow generation from outcome delivery
      incentives, given that financial rewards and penalties will
      all be taken into account as part of the next price review

Fitch's key assumptions for Kemble Water include:

   -- Gross debt at holding company level GBP125 million higher
      at GBP875 million, reflecting the potential for existing
      out-of-the-money interest rate swaps to be closed out as
      part of the bank debt re-financing. Bond holder consent
      would be required, given that terms and conditions of the
      bond limit net debt to GBP750 million (not taking into
      account drawings under its revolving credit facility)

   -- The annual finance charge at holding company level at
      around GBP62.5 million

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a negative rating action:

   -- Dividend cover at Kemble Water sustainably below 2.5x,
      increase of gearing above 90% and/or decrease of post-
      maintenance and post-tax interest cover below 1.05x (as per
      Fitch's forecasts)

   -- RPI remaining at or below 1.5% for an extended period of
      Time

   -- Possibility of a dividend lock-up at Thames Water

   -- Weakening of operational and regulatory performance at
      Thames Water

"We have tightened above guidance in terms of dividend cover
(previously below 2x) and gearing (previously above 95%) due to
incrementally higher business risk in the sector following the
conclusion of the price review 2014," Fitch said.

Positive: Rating upside is limited. A higher rating for the
holding company would be contingent on Thames Water materially
reducing its regulatory gearing.

LIQUIDITY AND DEBT STRUCTURE

Kemble Water mainly relies on dividends for debt service. As of
end-December 2014, Kemble Water held GBP4.1 million in cash and
cash equivalents and had access to a committed GBP75 million
revolving credit facility to bridge short-term liquidity needs.
Compared with Kemble Water's annual finance charge of around
GBP62.5 million, Fitch deems available back-up liquidity as
adequate.

Bank debt at Kemble Water will mature in 2015 and 2016: a GBP150
million term loan is due in September 2015, a GBP200 million term
loan is due in April 2016 and the GBP75 million revolving credit
facility available for back-up liquidity also expires in April
2016. The group is in advanced discussions to re-finance those
facilities, including potentially reducing the revolving credit
facility to GBP65 million (slightly more than 12 months annual
finance charge). Fitch expects documentation to be finalized and
signed no later than June 2015.


PETERBOROUGH PLC: Moody's Cuts Rating on GBP446MM Bonds to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Baa3 the ratings
of the GBP446 million of fixed rate guaranteed senior secured
bonds (the Bonds) due 2042 issued by Peterborough (Progress
Health) plc (ProjectCo), a GBP14.5 million liquidity facility and
a GBP7.2 million change in law facility (together the Standby
Facilities) reflecting the fact that a stand-still arrangement
between ProjectCo and the Peterborough and Stamford Hospitals NHS
Foundation Trust (the Acute Trust) has not been agreed and the
Acute Trust continues to withhold large proportions of the
monthly service payment. Concurrently the ratings have been
placed on review for downgrade reflecting the lack of clarity as
to how the underlying dispute between ProjectCo and the Acute
Trust will proceed and the impact on payments due to be made to
ProjectCo in the coming months.

Moody's review will focus on whether a stand-still arrangement is
reached between ProjectCo and the Acute Trust and progress to
resolve the underlying dispute concerning fire compartmentation
at Peterborough City Hospital (the Hospital).

ProjectCo is a special purpose vehicle that in July 2007 entered
into a project agreement (Project Agreement) with three NHS
trusts, being the Acute Trust, the Cambridgeshire and
Peterborough Mental Health Partnership NHS Trust (reconstituted,
in June 2008, as the Cambridgeshire and Peterborough NHS
Foundation Trust, together with the Acute Trust, the Trusts), and
Peterborough Primary Care Trust (whose payment obligations were
transferred to NHS Property Services Ltd in April 2013). The
Project Agreement, which expires 35 years and 4 months from
financial close, governs (1) the construction of a new acute
hospital and a mental health unit; (2) the construction of a new
integrated care centre; and (3) the provision of certain services
(together the Project).

"The rating action reflects that the dispute between the
Peterborough and Stamford Hospitals NHS Foundation Trust and the
project vehicle is continuing and the Trust again withheld
significant amounts from its monthly service payment" says Adam
Muckle, an Analyst in Moody's Infrastructure Finance Group and
lead analyst for Peterborough (Progress Health) plc.

On March 31, 2015 the Acute Trust withheld approximately GBP2.7
million from its monthly service payment (approximately GBP3.8
million per month), which is in addition to the sum of GBP3.7
million withheld in respect of January and February 2015 service
payments. The aggregate amounts were withheld on the basis that
the Acute Trust asserted that the Hospital was unavailable for
the period between 17 November 2014 and 31 January 2015 because
fire compartmentation was not compliant with contractual
requirements. Whilst ProjectCo does not accept the Acute Trust's
assertions it is investigating the matter.

ProjectCo and the Trust are in negotiations to enter into a
stand-still arrangement whereby the Trust will refrain from
withholding amounts from future service payments in relation to
this issue whilst the dispute is resolved. No substantial
rectification works have been completed to date and Moody's
consider it likely that the Acute Trust will continue to withhold
similar amounts in the coming months until either the alleged
issues are resolved or it enters into a stand-still arrangement
with ProjectCo.

In March 2015 a payment demand was issued by ProjectCo to
Brookfield Multiplex Construction Europe Limited, the
construction contractor, in accordance with the construction sub-
contract, demanding payment of the amounts withheld by the Trust
in January and February 2015, net of amounts not paid to
Brookfield Multiplex Services Europe Limited, the Hard Facilities
Management provider, during the same period. The amount was paid
in full and represents an additional cash resource that was used
to meet its senior debt service obligations which fell due on 2
April 2015 without drawing on any reserves or the liquidity
facility.

The Ba3 ratings are constrained by (1) the ongoing dispute with
the Acute Trust regarding fire compartmentation at the Hospital
which has resulted in significant portions of the monthly service
payments being withheld; and (2) the uncertainty in relation to
if and when a stand-still arrangement will be entered into
between the Acute Trust and ProjectCo.

However the ratings reflect as positives (1) The contractual
arrangements of the project and in particular the construction
sub-contract which has allowed ProjectCo to claim timely
compensation from the construction contractor for the amounts
withheld by the Acute Trust; and (2) a range of creditor
protections included within the financing structure, such as a
lifecycle reserve account and a liquidity facility which will
provide ProjectCo with liquidity to meet its senior debt service
obligations.

Although the Bonds and Standby Facilities continue to benefit
from an unconditional and irrevocable guarantee provided by FGIC
UK Limited, the Ba3 ratings of the Bonds and the Standby
Facilities are based on the credit quality of the Project on a
standalone basis following the withdrawal of a Moody's rating of
FGIC UK Limited in 2009.

The principal methodology used in these ratings was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
published in March 2015.

ProjectCo is wholly owned by Peterborough (Progress Health)
Holdings Ltd, which in turn is 49% owned by Peterborough
Hospitals Investments Limited (a subsidiary of InfraRed
Infrastructure Yield L.P.), 30% by John Laing Infrastructure Fund
and 21% by Macquarie Peterborough Hospital Investments Limited (a
subsidiary of Macquarie Bank Ltd).


RMAC 2006-NS3: Moody's Raises Rating on Class B1c Notes to B1
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of seven notes and
affirmed the ratings of three notes in two UK non-conforming
residential mortgage-backed securities (RMBS) transactions: Alba
2005-1 plc (Alba 2005-1) and RMAC SECURITIES No. 1 PLC Series
2006-NS3 (RMAC 2006-NS3).

The rating action concludes the review of seven notes placed on
review on Dec. 9, 2014.

The rating action reflects (1) the deleveraging since closing,
(2) the sufficiency of credit enhancement and (3) the reduced
MILAN assumptions in the affected transactions.

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance of the transactions to date.
The portfolios show decreasing growth rate in delinquencies. In
Alba 2005-1, the level of loans delinquent by more than 90 days
decreased from 12.0% in June 2010 down to 3.94% currently. As a
result, Moody's reduced the Expected Loss to 3.5% in Alba 2005-1
down from 4% of the original pool balance.

Moody's has also revised MILAN CE assumption to 21% in Alba 2005-
1 and 30% in RMAC 2006-NS3 from 23% and 37% respectively. The
revised Milan assumption reflects the improving average current
LTV since the MILAN assumption was last reviewed.

The ratings of the Classes A3, B and C notes of Alba 2005-1 and
the Classes A2a, M1a and M1c in RMAC 2006-NS3 are constrained by
operational risk.

Alba-2005-1 is exposed to payment disruption risk as there is no
back-up servicer or back-up facilitator in case of a servicer
disruption. Homeloan Management Limited (NR) acts as servicer and
Bank of New York Mellon (The) (Aa2, on review for upgrade/P-1) as
cash manager in Alba 2005-1.

In RMAC 2006-NS3, Paratus AMC Limited (NR) acts as servicer,
Homeloan Management Limited (NR) as a back-up servicer. Despite
the presence of a back-up servicer, Moody's note that there is no
automatic servicer or cash manager termination in the
transaction. As a result, Moody's believe that the transaction is
exposed to potential disruptions in case of servicer default.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) deleveraging of the capital
structure and (3) improvements in the credit quality of the
transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) performance of the underlying collateral that
is worse than Moody's expects, (2) deterioration in the notes'
available credit enhancement and (3) deterioration in the credit
quality of the transaction counterparties.

List of Affected Ratings:

Issuer: Alba 2005-1 plc

  -- GBP105 million Class A3 Notes, Affirmed A2 (sf); previously
     on Dec 5, 2011 Downgraded to A2 (sf)

  -- GBP21.65 million Class B Notes, Affirmed A2 (sf); previously
     on Dec 5, 2011 Downgraded to A2 (sf)

  -- GBP13.25 million Class C Notes, Upgraded to A2 (sf);
     previously on Dec 9, 2014 Baa1 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP6.8 million Class D Notes, Upgraded to Ba2 (sf);
     previously on Dec 9, 2014 B3 (sf) Placed Under Review for
     Possible Upgrade

  -- GBP4.05 million Class E Notes, Upgraded to B3 (sf);
     previously on Dec 9, 2014 Ca (sf) Placed Under Review for
     Possible Upgrade

Issuer: RMAC SECURITIES No. 1 PLC Series 2006-NS3

  -- GBP367.5 million Class A2a Notes, Affirmed Aa1 (sf);
     previously on Feb 18, 2009 Downgraded to Aa1 (sf)

  -- GBP22 million Class M1a Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 A2 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR101.5 million Class M1c Notes, Upgraded to Aa2 (sf);
     previously on Dec 9, 2014 A2 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR46.5 million Class M2c Notes, Upgraded to A3 (sf);
     previously on Dec 9, 2014 Ba1 (sf) Placed Under Review for
     Possible Upgrade

  -- EUR52 million Class B1c Notes, Upgraded to B1 (sf);
     previously on Dec 9, 2014 Caa2 (sf) Placed Under Review for
     Possible Upgrade



===============
X X X X X X X X
===============


* BOND PRICING: For the Week March 30, 2015 to April 3, 2015
------------------------------------------------------------

Issuer               Coupon   Maturity  Currency   Price
------               ------   --------  --------   -----
VTB Bank OJSC Via V    6.95  10/17/2022     USD    75.00
OAS Investments Gmb    8.25  10/19/2019     USD    34.28
Sberbank of Russia     5.25   5/23/2023     USD    73.72
Sberbank of Russia     5.50   2/26/2024     USD    77.00
Rosneft Oil Co via     4.20    3/6/2022     USD    75.25
Takko Luxembourg 2     9.88   4/15/2019     EUR    33.25
Gazprombank OJSC Vi    7.50  12/28/2023     USD    72.75
Russian Railways vi    3.37   5/20/2021     EUR    73.91
Russian Federal Bon    8.15    2/3/2027     RUB    71.99
QGOG Constellation     6.25   11/9/2019     USD    64.00
Heta Asset Resoluti    4.38   1/24/2017     EUR    68.16
Sistema JSFC via Si    6.95   5/17/2019     USD    75.00
Gazprombank OJSC Vi    5.13   5/13/2024     CHF    71.50
Ukraine Government     9.25   7/24/2017     USD    60.54
Heta Asset Resoluti    4.25  10/31/2016     EUR    67.96
VTB Bank OJSC Via V    5.00  10/24/2024     CHF    68.88
CGG SA                 6.50    6/1/2021     USD    76.00
Russian Standard Ba   10.75   4/10/2018     USD    30.00
Frigoglass Finance     8.25   5/15/2018     EUR    70.25
Russian Agricultura    6.00    6/3/2021     USD    72.50
Ukraine Government     7.50   4/17/2023     USD    58.25
Bank Otkritie Finan   10.00   4/26/2019     USD    71.00
Russian Agricultura    8.50  10/16/2023     USD    69.78
Rickmers Holding Gm    8.88   6/11/2018     EUR    70.58
Credit Bank of Mosc    8.70  11/13/2018     USD    78.00
Afren PLC              6.63   12/9/2020     USD    56.75
Brunswick Rail Fina    6.50   11/1/2017     USD    59.65
Ukraine Government     6.88   9/23/2015     USD    70.55
Ukraine Government     4.95  10/13/2015     EUR    62.80
Gazprom Neft OAO Vi    4.38   9/19/2022     USD    74.25
EDC Finance Ltd        4.88   4/17/2020     USD    66.25
Far East Capital Lt    8.00    5/2/2018     USD    41.00
Novatek OAO via Nov    4.42  12/13/2022     USD    66.13
CGG SA                 1.25    1/1/2019     EUR    24.07
Home Credit & Finan    9.38   4/24/2020     USD    72.51
Russian Federal Bon    6.80  12/11/2019     RUB    73.25
Banco Espirito Sant    7.13  11/28/2023     EUR     9.00
Vnesheconombank Via    4.03   2/21/2023     EUR    70.35
TMK OAO Via TMK Cap    7.75   1/27/2018     USD    87.00
Virgolino de Olivei   10.50   1/28/2018     USD     6.75
MHP SA                 8.25    4/2/2020     USD    75.20
Russian Federal Bon    7.60   4/14/2021     RUB    72.80
TMK OAO Via TMK Cap    6.75    4/3/2020     USD    51.50
Russian Standard Ba    7.73  12/16/2015     USD    65.13
SOITEC                 6.75   9/18/2018     EUR     1.87
Russian Railways vi    8.30    4/2/2019     RUB    67.88
Renaissance Credit     7.75   5/31/2016     USD    88.00
Avangardco Investme   10.00  10/29/2015     USD    64.50
EnQuest PLC            5.50   2/15/2022     GBP    68.18
Tinkoff Credit Syst   14.00    6/6/2018     USD    70.00
Russian Standard Ba    7.56   12/1/2016     USD    50.00
Oschadbank Via SSB     8.25   3/10/2016     USD    57.75
Russian Federal Bon    7.00   1/25/2023     RUB    67.50
EnQuest PLC            7.00   4/15/2022     USD    61.00
Russian Agricultura    8.63   2/17/2017     RUB    74.88
Russian Railways vi    2.73   2/26/2021     CHF    72.11
Oschadbank Via SSB     8.88   3/20/2018     USD    56.00
Banca delle Marche     1.03    6/1/2017     EUR    53.33
Vneshprombank via V    9.00  11/14/2016     USD    92.00
Russian Federal Bon    7.60   7/20/2022     RUB    70.75
Ukraine Government     7.80  11/28/2022     USD    59.08
Mriya Agro Holding     9.45   4/19/2018     USD    11.00
Paragon Offshore PL    6.75   7/15/2022     USD    61.50
Indo Energy Finance    6.38   1/24/2023     USD    64.56
Raspadskaya OJSC Vi    7.75   4/27/2017     USD    64.00
Home Credit & Finan   10.50   4/19/2021     USD    61.00
OGX Austria GmbH       8.50    6/1/2018     USD     0.10
Sberbank of Russia     7.40    3/4/2018     TRY    69.65
WPE International C   10.38   9/30/2020     USD    19.00
Ukraine Government     7.75   9/23/2020     USD    59.72
Paragon Offshore PL    7.25   8/15/2024     USD    60.75
AHML Finance Ltd       7.75   2/13/2018     RUB    58.40
Afren PLC             10.25    4/8/2019     USD    97.50
Metinvest BV           8.75   2/14/2018     USD    60.50
Ukraine Government     6.58  11/21/2016     USD    61.33
Ukraine Government     6.75  11/14/2017     USD    60.77
UKRLANDFARMING PLC    10.88   3/26/2018     USD    50.50
Privatbank CJSC Via    9.38   9/23/2015     USD    71.50
Ukreximbank Via Biz    8.75   1/22/2018     USD    58.13
Ukraine Government     6.25   6/17/2016     USD    62.38
Russian Standard Ba   11.50   1/17/2024     USD    29.88
Renaissance Credit    13.50   6/21/2018     USD    49.50
Virgolino de Olivei   11.75    2/9/2022     USD     1.96
Ekosem-Agrar GmbH      8.50   12/7/2018     EUR    64.97
Borets Finance Ltd     7.63   9/26/2018     USD    96.00
Air France-KLM         4.97    4/1/2015     EUR    12.27
IMMOFINANZ AG          4.25    3/8/2018     EUR     4.21
DTEK Finance PLC       7.88    4/4/2018     USD    45.00
Hema Bondco II BV      8.50  12/15/2019     EUR    61.24
Towergate Finance P   10.50   2/15/2019     GBP    25.00
Federal Grid Co OJS    8.45   3/13/2019     RUB    67.79
Financing of Infras    9.00   12/7/2017     USD    60.00
Ukraine Railways vi    9.50   5/21/2018     USD    65.25
Ekosem-Agrar GmbH      8.75   3/23/2017     EUR    71.00
Russian Federal Bon    6.70   5/15/2019     RUB    74.75
City of Kyiv Via Ky    9.38   7/11/2016     USD    69.76
VimpelCom Holdings     9.00   2/13/2018     RUB    67.13
DTEK Finance BV        9.50   4/28/2015     USD    79.00
Iona Energy Co UK P    9.50   9/27/2018     USD    70.00
Ukraine Government     7.95   2/23/2021     USD    59.32
Bank of New York Me    4.33  12/30/2099     EUR    30.33
Asya Sukuk Co Ltd      7.50   3/28/2023     USD    60.98
Espirito Santo Fina    6.88  10/21/2019     EUR     0.18
Alcatel-Lucent         4.25    7/1/2018     EUR     3.32
Codere Finance Luxe    8.25   6/15/2015     EUR    61.00
Russian Agricultura    7.88    2/7/2018     RUB    65.00
ESFIL-Espirito Sant    5.25   6/12/2015     EUR     5.00
First Ukrainian Int   11.00  12/31/2018     USD    71.00
Yuksel Insaat AS       9.50  11/10/2015     USD    61.00
Far East Capital Lt    8.75    5/2/2020     USD    41.50
Singulus Technologi    7.75   3/23/2017     EUR    41.38
TUI AG                 2.75   3/24/2016     EUR    73.47
OGX Austria GmbH       8.38    4/1/2022     USD     1.00
Ekotechnika GmbH       9.75   5/10/2018     EUR    23.51
Talvivaara Mining C    4.00  12/16/2015     EUR     1.00
Norske Skogindustri    7.00   6/26/2017     EUR    56.26
Banca delle Marche     1.23   6/15/2016     EUR    50.63
Alcatel-Lucent         0.13   1/30/2020     EUR     4.09
City of Kiev Ukrain    8.00   11/6/2015     USD    74.15
Takko Luxembourg 2     7.08   4/15/2019     EUR    33.14
Promsvyazbank OJSC    10.50   7/30/2021     USD    68.75
EnQuest PLC            7.00   4/15/2022     USD    62.00
Air France-KLM         2.03   2/15/2023     EUR    11.55
EXIM of Ukraine CJS    5.79    2/9/2016     USD    51.51
KCA Deutag UK Finan    7.25   5/15/2021     USD    70.75
Virgolino de Olivei   10.88   1/13/2020     USD    20.00
Norske Skogindustri   11.75   6/15/2016     EUR    73.10
Econocom Group SA/N    1.50   1/15/2019     EUR    10.44
Praktiker AG           5.88   2/10/2016     EUR     0.13
Etablissements Maur    1.63    7/1/2019     EUR    15.30
Geo Travel Finance    10.38    5/1/2019     EUR    71.50
Russian Federal Bon    6.40   5/27/2020     RUB    71.75
Afren PLC              6.63   12/9/2020     USD    56.00
Alno AG                8.50   5/14/2018     EUR    58.50
Aralco Finance SA     10.13    5/7/2020     USD     8.50
AG Spring Finance I    9.50    6/1/2019     EUR    74.72
Oesterreichische Vo    0.93  11/28/2016     EUR    27.13
Mriya Agro Holding    10.95   3/30/2016     USD    11.00
Mifa Mitteldeutsche    7.50   8/12/2018     EUR     9.10
Pescanova SA           5.13   4/20/2017     EUR     3.83
MAG IAS GmbH           7.50    2/8/2016     EUR    55.13
Phones4u Finance PL    9.50    4/1/2018     GBP    32.63
Metinvest BV          10.50  11/28/2017     USD    61.39
Phosphorus Holdco P   10.00    4/1/2019     GBP     2.00
DF Deutsche Forfait    7.88   5/27/2020     EUR    64.25
Privatbank CJSC Via   10.88   2/28/2018     USD    57.63
Hellenic Republic G    5.20   7/17/2034     EUR    62.38
MS Deutschland Bete    6.88  12/18/2017     EUR    15.10
NII International T   11.38   8/15/2019     USD    74.00
Renaissance Credit    13.50   5/22/2019     USD    52.63
Faurecia               3.25    1/1/2018     EUR    31.99
Financing of Infras    8.38   11/3/2017     USD    60.00
NTRP Via Interpipe    10.25    8/2/2017     USD    40.00
Norwegian Energy Co    6.75    6/9/2019     NOK    10.13
VTB Bank OJSC Via V    6.95  10/17/2022     USD    74.05
Nexans SA              4.00    1/1/2016     EUR    54.40
Pescanova SA           8.75   2/17/2019     EUR     3.92
NII International T    7.88   8/15/2019     USD    71.50
OAS Investments Gmb    8.25  10/19/2019     USD    41.00
Commercial Bank Pri    5.80    2/9/2016     USD    50.00
InterOil Exploratio   15.00   3/14/2016     NOK    30.00
Corporate Commercia    8.25    8/8/2014     USD     3.58
Peugeot SA             4.45    1/1/2016     EUR    26.07
Laurel GmbH            7.13  11/16/2017     EUR    32.88
Bank St Petersburg    11.00  10/24/2018     USD    67.38
Bank St Petersburg    10.75   4/22/2019     USD    65.00
Sympatex Holding Gm    8.00   12/3/2018     EUR    37.25
Dannemora Mineral A   11.75   3/22/2016     USD     0.63
Espirito Santo Fina    3.13   12/2/2018     EUR     1.51
Virgolino de Olivei   10.88   1/13/2020     USD    58.85
Nexans SA              2.50    1/1/2019     EUR    70.38
Afren PLC             10.25    4/8/2019     USD    65.00
PA Resources AB       13.50    3/3/2016     SEK    31.13
BLT Finance BV         7.50   5/15/2014     USD     6.00
Gebr Sanders GmbH &    8.75  10/22/2018     EUR    71.00
Northland Resources   15.00   7/15/2019     USD     1.56
Sberbank of Russia     5.50   2/26/2024     USD    75.00
Jasper Explorer PLC   13.50   5/27/2016     USD    11.38
VimpelCom Holdings     9.00   2/13/2018     RUB    67.13
RENE LEZARD Mode Gm    7.25  11/25/2017     EUR    47.50
Orpea                  3.88    1/1/2016     EUR    57.25
Financing of Infras    7.40   4/20/2018     USD    58.00
Rosneft Oil Co via     4.20    3/6/2022     USD    69.75
Sberbank of Russia     5.25   5/23/2023     USD    81.25
PA Resources AB       12.25    4/5/2016     NOK    29.88
QGOG Constellation     6.25   11/9/2019     USD    64.50
OGX Austria GmbH       8.50    6/1/2018     USD     0.13
Attica Funds PLC       2.58   3/24/2015     EUR    55.13
Brunswick Rail Fina    6.50   11/1/2017     USD    40.96
Mox Telecom AG         7.25   11/2/2017     EUR     0.00
Oesterreichische Vo    9.09   7/26/2018     EUR    27.13
Etablissements Maur    7.13   7/31/2015     EUR    13.12
Golden Gate AG         6.50  10/11/2014     EUR    39.20
Paragon Offshore PL    6.75   7/15/2022     USD    62.00
SNS Bank NV            6.25  10/26/2020     EUR     2.49
Novatek OAO via Nov    4.42  12/13/2022     USD    78.75
Le Noble Age           4.88    1/3/2016     EUR    21.06
Novo Banco SA          3.50   1/23/2043     EUR    73.08
Bank Otkritie Finan   10.00  12/17/2019     USD    67.00
Rena GmbH              8.25   7/11/2018     EUR     9.50
EDC Finance Ltd        4.88   4/17/2020     USD    66.25
Paragon Offshore PL    7.25   8/15/2024     USD    81.50
Global PVQ SE          6.75  10/21/2015     EUR     1.17
Alpine Holding GmbH    6.00   5/22/2017     EUR     0.01
Talvivaara Mining C    9.75    4/4/2017     EUR     0.03
APP International F   11.75   10/1/2005     USD     4.00
Barclays Bank PLC      3.44   4/19/2033     USD    64.55
Lloyds Bank PLC        3.68   1/31/2033     USD    69.25
Lloyds Bank PLC        3.21   2/22/2033     USD    68.00
Teak Holz Internati    5.00   8/31/2015     EUR    71.00
Ukraine Government     9.25   7/24/2017     USD    60.86
Virgolino de Olivei   11.75    2/9/2022     USD    18.00
Seabird Exploration    6.00  12/18/2015     USD    10.00
Nexity SA              0.63    1/1/2020     EUR    43.91
Promsvyazbank OJSC    10.50   3/17/2021     USD    60.00
Northland Resources    4.00  10/15/2020     USD     0.23
Pescanova SA           6.75    3/5/2015     EUR     3.83
Ukraine Government     7.50   4/17/2023     USD    58.03
Takko Luxembourg 2     9.88   4/15/2019     EUR    34.00
Gazprom Neft OAO Vi    4.38   9/19/2022     USD    83.76
Ideal Standard Inte   11.75    5/1/2018     EUR    50.38
Windreich GmbH         6.50   7/15/2016     EUR    10.88
Rena GmbH              7.00  12/15/2015     EUR     9.50
Astana Finance BV      7.88    6/8/2010     EUR     6.38
MHP SA                 8.25    4/2/2020     USD    67.15
Hellenic Republic G    2.09   7/25/2057     EUR    19.00
Pierre & Vacances S    3.50   10/1/2019     EUR    35.59
Russian Standard Ba   10.75   4/10/2018     USD    40.00
AHML Finance Ltd       7.75   2/13/2018     RUB    58.40
BDT Media Automatio    8.13   10/9/2017     EUR    60.75
Ukraine Government     6.88   9/23/2015     USD    69.82
Barclays Bank PLC      3.39   3/28/2033     USD    70.00
Ukraine Government     7.80  11/28/2022     USD    59.16
Sistema JSFC           8.75  11/24/2016     RUB    74.00
Ukraine Government     6.75  11/14/2017     USD    60.40
Norske Skogindustri    7.13  10/15/2033     USD    47.00
AgroGeneration         8.00   7/17/2018     EUR    34.00
Novo Banco SA          3.50   2/19/2043     EUR    72.65
Lloyds Bank PLC        3.44   4/26/2033     USD    64.00
Codere Finance Luxe    9.25   2/15/2019     USD    64.25
Cattles Ltd            6.88   1/17/2014     GBP     3.00
TradeDoubler AB        6.75  12/20/2018     SEK    71.50
Barclays Bank PLC      2.95   5/31/2033     USD    70.00
Russian Agricultura    8.50  10/16/2023     USD    62.00
Far East Capital Lt    8.00    5/2/2018     USD    38.01
Virgolino de Olivei   10.50   1/28/2018     USD    18.00
Heta Asset Resoluti    0.84   1/24/2017     EUR    40.00
Espirito Santo Fina    5.13   5/30/2016     EUR     4.43
International Indus    9.00    7/6/2011     EUR     0.46
Gunther Zamek Produ    7.75   5/15/2017     EUR     4.11
Espirito Santo Fina    9.75  12/19/2025     EUR     3.44
Orpea                  1.75    1/1/2020     EUR    60.92
Gazprombank OJSC Vi    6.50   7/17/2020     USD    69.00
BNP Paribas SA         3.42   4/30/2033     USD    70.50
Credit Bank of Mosc    8.70  11/13/2018     USD    55.00
Cirio Holding Luxem    6.25   2/16/2004     EUR     1.12
Gazprombank OJSC Vi    8.75   6/29/2019     RUB    56.38
Norske Skogindustri    7.13  10/15/2033     USD    54.50
SiC Processing GmbH    7.13    3/1/2016     EUR     3.66
getgoods.de AG         7.75   10/2/2017     EUR     5.38
Finance and Credit     9.25   1/25/2019     USD    49.63
Heta Asset Resoluti    4.25   6/16/2015     EUR    69.38
Kezizalog Zrt          7.75   10/1/2018     EUR    48.45
Sistema JSFC via Si    6.95   5/17/2019     USD    72.50
Novo Banco SA          3.50    1/2/2043     EUR    72.73
TMK OAO Via TMK Cap    6.75    4/3/2020     USD    57.78
AK BARS Bank Via AK    8.00   7/13/2022     USD    52.75
Northland Resources    4.00  10/15/2020     NOK     0.14
Lehman Brothers Tre    6.00   11/2/2035     EUR     5.13
Alpine Holding GmbH    5.25   6/10/2016     EUR     0.02
Barclays Bank PLC      3.58   3/21/2033     USD    66.60
Travel24.com AG        7.50   9/17/2017     EUR    34.00
Breeze Finance SA      6.71   4/19/2027     EUR    44.00
Corsicanto Ltd         3.50   1/15/2032     USD    69.50
Alpine Holding GmbH    5.25    7/1/2015     EUR     0.02
Towergate Finance P   10.50   2/15/2019     GBP    26.38
KCA Deutag UK Finan    7.25   5/15/2021     USD    75.00
Windreich GmbH         6.50    3/1/2015     EUR    10.88
Ukraine Railways vi    9.50   5/21/2018     USD    51.75
Centrosolar Group A    7.00   2/15/2016     EUR     1.35
JZ Capital Partners    6.00   7/30/2021     GBP    10.65
Metinvest BV           8.75   2/14/2018     USD    55.08
Far Eastern Shippin   10.25   5/31/2016     RUB    72.01
Mechel                 8.40   5/27/2021     RUB    28.53
International Indus   11.00   2/19/2013     USD     0.46
Hellas Telecommunic    8.50  10/15/2013     EUR     0.00
Portigon AG            7.46  12/31/2019     EUR    10.00
Petrol AD              8.38   1/26/2017     EUR    46.38
Glitnir HF             6.69   6/15/2016     USD     0.02
Astana Finance BV      9.00  11/16/2011     USD     6.38
Barclays Bank PLC      0.50   3/13/2023     RUB    51.49
Bank of Khanty-Mans    9.15   6/18/2023     USD    73.63
Ukraine Government     7.75   9/23/2020     USD    59.64
OGX Austria GmbH       8.38    4/1/2022     USD     2.51
EDOB Abwicklungs AG    7.50    4/1/2012     EUR     0.67
Kaupthing Bank Hf      7.13   5/19/2016     USD     0.00
Borets Finance Ltd     7.63   9/26/2018     USD    72.25
Club Mediterranee S    6.11   11/1/2015     EUR    23.91
More & More AG         8.13   6/11/2018     EUR    39.50
TAG Immobilien AG      6.50  12/10/2015     EUR    10.57
Ukraine Government     4.95  10/13/2015     EUR    67.65
Heta Asset Resoluti    5.03   1/26/2017     EUR    39.25
Russian Federal Bon    5.00  10/31/2018     RUB    70.01
Agroton Public Ltd     6.00   7/14/2019     USD    30.25
Russian Agricultura    6.00    6/3/2021     USD    68.75
Novo Banco SA          3.50   3/18/2043     EUR    72.65
Heta Asset Resoluti    4.35   11/3/2016     EUR    39.38
Barclays Bank PLC      0.47  12/28/2040     EUR    65.19
Mechel                 8.40    6/1/2021     RUB    28.05
Cirio Del Monte NV     7.75   3/14/2005     EUR    10.75
Deutsche Bank AG/Lo    2.39   3/15/2033     USD    68.50
Lehman Brothers Tre    7.00   5/17/2035     EUR     5.13
Mechel                10.00   8/25/2020     RUB    43.06
Oesterreichische Vo    9.09   7/26/2025     EUR    17.38
Sazka AS               9.00   7/12/2021     EUR     2.80
Cirio Finanziaria S    8.00  12/21/2005     EUR     1.60
Societe Air France     2.75    4/1/2020     EUR    21.61
Sidetur Finance BV    10.00   4/20/2016     USD    20.00
Hypo Tirol Bank AG     0.66   7/23/2026     EUR    58.88
SUEK Finance           8.25   6/26/2020     RUB    75.00
Ukraine Government     7.95   2/23/2021     USD    61.07
Ukraine Government     6.25   6/17/2016     USD    64.36
friedola Gebr Holza    7.25   4/11/2017     EUR    49.25
Heta Asset Resoluti    5.04   2/15/2023     EUR    31.13
Hellenic Republic G    0.93   8/10/2019     EUR    64.64
Raspadskaya OJSC Vi    7.75   4/27/2017     USD    68.00
Societe Generale SA    3.26   2/28/2033     USD    70.56
Deutsche Bank AG       1.79   6/28/2033     USD    66.90
Indo Energy Finance    6.38   1/24/2023     USD    67.42
Privatbank CJSC Via   10.88   2/28/2018     USD    57.63
Gazprombank OJSC Vi    5.75  11/21/2018     USD    75.00
Del Monte Finance L    6.63   5/24/2006     EUR    15.88
Codere Finance Luxe    8.25   6/15/2015     EUR    62.25
Glitnir HF             6.38   9/25/2012     USD    11.88
Bank Otkritie Finan   10.00   4/26/2019     USD    69.75
TGC-2 OJSC            12.00  10/10/2018     RUB    45.50
Financing of Infras    8.38   11/3/2017     USD    59.42
Autonomous Communit    7.55   7/21/2026     EUR    63.72
Dexia Kommunalbank     4.88  12/31/2016     EUR    38.15
Depfa ACS Bank         0.25    7/8/2033     CAD    24.00
Lehman Brothers Tre    5.00   2/16/2015     EUR     4.56
City of Kyiv Via Ky    9.38   7/11/2016     USD    69.76
Lehman Brothers Tre    7.25   10/5/2035     EUR     4.36
Kaupthing Bank Hf      7.50    2/1/2045     USD     0.00
IT Holding Finance     9.88  11/15/2012     EUR     0.20
WGF Westfaelische G    6.35   12/1/2016     EUR    19.60
Societe Centrale de    9.00    7/1/2016     EUR     6.60
Lloyds Bank PLC        6.56    7/5/2033     USD    71.50
KPNQwest NV           10.00   3/15/2012     EUR     0.38
Cooperatieve Centra    0.50  11/26/2021     ZAR    54.65
Promsvyazbank OJSC    12.25    2/1/2018     RUB    50.00
UKRLANDFARMING PLC    10.88   3/26/2018     USD    46.00
Lehman Brothers Tre    6.00   2/15/2035     EUR     4.58
Sairgroup Finance B    4.38    6/8/2006     EUR    12.75
Lehman Brothers Tre    2.88   3/14/2013     CHF    11.13
Mriya Agro Holding     9.45   4/19/2018     USD    10.50
Heta Asset Resoluti    0.54  12/18/2030     EUR    39.00
Hellenic Republic G    2.27    2/7/2022     EUR    55.19
Heta Asset Resoluti    5.92   2/22/2022     EUR    39.50
Kaupthing Bank Hf      5.75   10/4/2011     USD    13.50
SAG Solarstrom AG      6.25  12/14/2015     EUR    45.00
Kaupthing Bank Hf      5.75   10/4/2011     USD    13.50
Kaupthing Bank Hf      6.50    2/3/2045     EUR     0.00
Bank Julius Baer &    13.35    3/5/2015     USD    52.25
Cattles Ltd            7.13    7/5/2017     GBP     3.00
A-TEC Industries AG    2.75   5/10/2014     EUR     2.00
Heta Asset Resoluti    4.63    3/4/2018     EUR    55.00
PNE Wind AG            3.75  10/10/2019     EUR     2.65
Novolipetsk Steel O    8.00   7/25/2023     RUB    75.00
Glitnir HF             6.00    3/5/2012     GBP    11.88
WPE International C   10.38   9/30/2020     USD    20.38
Kaupthing Bank Hf      7.63   2/28/2015     USD    13.50
Strenesse AG           9.00   3/15/2017     EUR    42.50
Cirio Finance Luxem    7.50   11/3/2002     EUR     7.63
AK BARS Bank          11.95  10/15/2015     RUB    60.01
Barclays Bank PLC      3.07   6/17/2033     USD    71.82
SAG Solarstrom AG      7.50   7/10/2017     EUR    45.00
Federal Grid Co Uni    8.25   9/15/2020     RUB    50.00
Solarworld AG          6.13   1/21/2017     EUR    31.25
Assystem               4.00    1/1/2017     EUR    22.63
Ukraine Government     6.58  11/21/2016     USD    60.85
Tophedge AG            9.00    6/1/2020     EUR     0.21
Frey                   6.00  11/15/2022     EUR    20.20
Banco Espirito Sant   10.00   12/6/2021     EUR     9.63
Credit Bank of Mosc    9.10  10/30/2018     RUB    70.01
Petromena ASA          9.75   5/24/2015     NOK     2.00
Solen AG               7.50    4/8/2016     EUR     1.10
Allied Irish Banks     0.83  10/24/2035     EUR    23.13
Far East Capital Lt    8.75    5/2/2020     USD    41.88
Teksid Aluminum Lux   11.38   7/15/2011     EUR     0.01
Bulgaria Steel Fina   12.00    5/4/2013     EUR     1.00
Alpha Credit Group     0.58   2/21/2021     EUR    53.47
Karlie Group GmbH      6.75   6/25/2018     EUR    58.42
Financing of Infras    7.40   4/20/2018     USD    59.48
Sovcombank ICB JSC    13.40   6/20/2016     RUB    60.01
BES Vida - Cia de S    2.28  12/19/2022     EUR    69.30
Home Credit & Finan    9.38   4/24/2020     USD    65.04
Raiffeisen Bank Int    4.50   9/28/2035     EUR    49.00
WGF Westfaelische G    5.35   5/15/2015     EUR    16.01
Agentstvo po Ipotec    7.49   2/15/2017     RUB    57.00
ffk environment Gmb    7.25    6/1/2016     EUR     3.50
BLT Finance BV        12.00   2/10/2015     USD    10.50
Svensk Exportkredit    0.50   3/28/2029     AUD    64.70
IKB Deutsche Indust    4.70   3/31/2017     EUR    22.00
KA Finanz AG           5.43   2/13/2024     EUR    59.13
Cyprus Popular Bank    1.83   5/26/2016     EUR     0.53
La Veggia Finance S    7.13  11/14/2004     EUR     0.63
SNS Bank NV            6.63   5/14/2018     EUR     2.78
Hellas Telecommunic    8.08   7/15/2015     EUR     0.89
NII International T    7.88   8/15/2019     USD    75.00
KPNQwest NV            7.13    6/1/2009     EUR     0.37
LBI HF                 6.10   8/25/2011     USD     9.88
Codere Finance Luxe    9.25   2/15/2019     USD    65.50
Bashneft OAO           8.85   1/31/2023     RUB    70.00
eno energy GmbH        7.38   6/30/2016     EUR    64.80
DTEK Finance PLC       7.88    4/4/2018     USD    59.14
Banco Espirito Sant    1.63   5/27/2018     EUR     9.63
HMS Hydraulic Machi   10.10   1/30/2018     RUB    53.38
Colonia Real Estate    5.88   5/11/2015     EUR     6.80
Heta Asset Resoluti    0.67  11/29/2032     EUR    39.00
Frigoglass Finance     8.25   5/15/2018     EUR    69.84
Cooperatieve Centra    0.50  10/29/2027     MXN    45.00
Air Berlin Finance     1.50   4/11/2027     EUR    63.36
Credit Europe Bank     9.20   10/9/2015     RUB    63.02
Mechel                 8.40   5/27/2021     RUB    29.12
Eitzen Chemical ASA   12.62    6/6/2016     NOK    20.50
Espirito Santo Fina    5.05  11/15/2025     EUR     3.94
Global PVQ Netherla    5.75   5/26/2014     EUR    30.13
Agentstvo po Ipotec    7.63   6/15/2018     RUB    71.03
KA Finanz AG           4.90   6/23/2031     EUR    49.75
DEMIRE Real Estate     6.00  12/30/2018     EUR     1.41
Freshwater Finance     6.06  10/17/2036     GBP    65.63
Glitnir HF             6.33   7/28/2011     USD    11.88
Geo Travel Finance    10.38    5/1/2019     EUR    70.00
Solarworld AG          6.38   7/13/2016     EUR    31.00
Svyaznoy Bank ZAO     12.00    8/6/2015     RUB    65.21
A-TEC Industries AG    8.75  10/27/2014     EUR     2.00
Gamigo AG              8.50   6/19/2018     EUR    75.00
CBo Territoria         6.00    1/1/2020     EUR     3.83
Dexia Kommunalbank     5.63  12/31/2017     EUR    30.00
Russian Federal Bon    7.05   1/19/2028     RUB    64.00
Banca Monte dei Pas    2.05  11/10/2020     EUR    70.00
Marine Subsea AS       9.00  12/16/2019     USD     0.50
Kaupthing Bank Hf      3.00   2/12/2010     CHF    13.50
Barclays Bank PLC      3.08    4/9/2028     USD    68.00
Aralco Finance SA     10.13    5/7/2020     USD     8.38
Heta Asset Resoluti    0.19   1/24/2017     EUR    64.13
ESTAVIS AG             6.25   3/27/2019     EUR     2.20
Home Credit & Finan   10.50   4/19/2021     USD    61.63
IKB Deutsche Indust    4.50   3/31/2015     EUR     0.50
Deutsche Bank AG/Lo    3.25   6/20/2019     EUR     0.50
Region of Puglia It    0.71    2/6/2023     EUR    72.56
Municipality Financ    0.50   3/28/2018     BRL    70.82
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Region of Piemont I    0.34  11/27/2036     EUR    59.24
UniCredit Bank Aust    0.60   8/20/2033     EUR    69.88
Kaupthing Bank Hf      4.70   2/15/2010     CAD    13.50
Heta Asset Resoluti    7.50   5/27/2024     ATS    39.00
Junta de Castilla y    7.20  11/11/2026     EUR    63.19
Phosphorus Holdco P   10.00    4/1/2019     GBP     2.00
Mobile TeleSystems     8.70   11/7/2017     RUB    73.01
Bank Nederlandse Ge    0.50    6/7/2022     ZAR    54.77
Mriya Agro Holding    10.95   3/30/2016     USD    10.88
Financing of Infras    9.00   12/7/2017     USD    58.52
Svensk Exportkredit    7.00   9/26/2022     RUB    74.07
LBI HF                 6.10   8/25/2011     USD     9.88
Krasnodar Regional    10.75   9/13/2016     RUB    60.00
MegaFon Finans OOO     9.85   9/29/2022     RUB    64.01
Petromena ASA         10.85  11/19/2014     USD     2.00
Vnesheconombank        8.40  12/20/2018     RUB    75.00
Czerwona Torebka SA    7.21   4/15/2016     PLN    60.00
Bashneft OAO           8.35  12/13/2016     RUB    60.03
Solar Millennium AG    6.50   7/15/2015     EUR    11.00
Region of Abruzzo I    0.56   11/7/2036     EUR    55.67
Hema Bondco II BV      8.50  12/15/2019     EUR    62.17
Glitnir HF             4.75  10/15/2010     USD    11.88
UTair-Finans OOO      13.00  11/13/2015     RUB    23.63
BKN biostrom AG        7.50    6/5/2016     EUR     1.50
IKB Deutsche Indust    5.63   3/31/2017     EUR    22.00
Global PVQ Netherla    1.38   4/30/2012     EUR    30.13
Glitnir HF             4.38    2/5/2010     EUR    11.88
Societe Generale SA    1.92   6/28/2033     USD    66.00
Takko Luxembourg 2     7.08   4/15/2019     EUR    33.14
Finmek Internationa    7.00   12/3/2004     EUR     0.13
Kuzbassenergo-Finan    8.70   4/15/2021     RUB    53.00
Glitnir HF             3.00   6/30/2010     EUR    11.88
Bank Nederlandse Ge    0.50    3/3/2021     NZD    74.64
Transaero Airlines    12.00  10/25/2018     RUB    74.70
Bashneft OAO           9.00    2/4/2022     RUB    60.01
Vnesheconombank        2.00   6/18/2021     RUB    55.29
Heta Asset Resoluti    3.42   11/7/2016     EUR    69.75
Zlomrex Internation    8.50    2/1/2014     EUR    71.00
Glitnir HF             5.44  12/22/2015     USD    11.88
MirLand Development    7.21   5/31/2020     ILS    31.00
UniCredit Bank Aust    0.56  12/27/2031     EUR    71.13
Groupe Monceau Fleu    4.30    5/2/2022     EUR     4.50
Gigaset AG             3.00   4/22/2015     EUR     0.59
NII International T   11.38   8/15/2019     USD    75.00
Global PVQ Netherla    1.38   4/30/2012     EUR    30.13
Lehman Brothers Tre    8.25   3/16/2035     EUR     5.00
Heta Asset Resoluti    0.41   9/26/2043     EUR     3.52
Bremer Landesbank K    0.56    4/5/2041     EUR    69.63
Federal Grid Co Uni    8.00    1/7/2028     RUB    72.00
Kaupthing Bank Hf      6.13   10/4/2016     USD    13.25
Vnesheconombank        8.10   9/27/2018     RUB    70.01
Lehman Brothers Tre    5.00   2/27/2014     EUR     4.70
Phones4u Finance PL    9.50    4/1/2018     GBP    32.63
Svyaznoy Bank ZAO     13.50    6/8/2018     RUB    72.10
GFI Informatique SA    5.25    1/1/2017     EUR     5.97
Carcade OOO           12.50   4/25/2016     RUB    70.00
Kaupthing Bank Hf      5.25   7/18/2017     BGN    13.50
Norske Skogindustri   11.75   6/15/2016     EUR    73.00
Kaupthing Bank Hf      6.13   10/4/2016     USD    13.25
Oesterreichische Vo    9.09   7/26/2019     EUR    27.13
Lehman Brothers Tre    4.00   2/16/2017     EUR     7.75
Solon SE               1.38   12/6/2012     EUR     0.33
Sairgroup Finance B    6.63   10/6/2010     EUR    15.13
International Bank    13.50   6/23/2016     RUB    60.00
Ural-Siberian Bank    10.00   8/25/2017     RUB    60.01
OL Groupe SA           7.00  12/28/2015     EUR     6.43
Glitnir HF             5.31  12/24/2012     USD    11.88
Credit Agricole Cor    0.50    3/6/2023     RUB    51.17
Heta Asset Resoluti    0.23   2/17/2017     EUR    61.13
AdP - Aguas de Port    0.18  10/22/2027     EUR    70.13
EXER D GmbH            5.70    2/1/2016     EUR    10.00
Region of Molise It    0.58  12/15/2033     EUR    65.07
LBI HF                 2.25   2/14/2011     CHF     4.20
Konservenfabrik Zac    8.00    4/1/2016     EUR     0.00
RZD Rasvytie vokzal   12.50  10/21/2016     RUB    65.00
Heta Asset Resoluti    0.19    8/1/2017     EUR    54.00
Ideal Standard Inte   11.75    5/1/2018     EUR    50.38
Mechel                10.00   8/25/2020     RUB    43.30
Oesterreichische Vo    9.09   7/26/2024     EUR    17.50
Irkut Corp             9.00   11/6/2023     RUB    65.16
Lehman Brothers Tre    7.00  11/26/2013     EUR     4.70
Heckler & Koch GmbH    9.50   5/15/2018     EUR    74.88
Lehman Brothers Tre    5.00   9/22/2014     EUR     4.70
Lehman Brothers Tre    5.10    5/8/2017     HKD    29.88
Morgan Stanley BV      8.50   5/25/2015     EUR    26.43
Sachsen Bank           0.48   1/22/2041     EUR    71.89
Kaupthing Bank Hf      5.50    2/2/2009     USD    13.50
Lehman Brothers Tre    3.00   9/13/2010     JPY    29.88
Absolut Bank OAO      10.25   7/27/2016     RUB    60.01
Lehman Brothers Tre    8.25   12/3/2015     EUR     7.75
Russian Federal Bon    7.00   8/16/2023     RUB    65.10
KPNQwest NV            8.13    6/1/2009     USD     0.41
MT-Energie GmbH & C    8.25    4/4/2017     EUR     5.00
Bank National Facto   12.30  10/17/2016     RUB    60.00
HC Finance OOO         8.25  11/26/2021     RUB    70.00
Junta Comunidades d    0.29   12/5/2023     EUR    71.43
Glitnir HF             1.63   3/11/2009     CHF    11.88
LBI HF                 3.00   12/7/2010     CHF     4.20
BioEnergie Taufkirc    6.50   7/30/2020     EUR    69.50
Federal Grid Co Uni    8.50   6/22/2021     RUB    75.00
Artea                  6.00    8/4/2019     EUR     1.00
Lehman Brothers Tre    3.03   1/31/2015     EUR     7.75
Societe Generale SA    3.84   1/31/2033     USD    73.00
Kaupthing Bank Hf      7.13   5/19/2016     USD     0.00
MirLand Development    6.50  12/31/2015     ILS    37.26
Minicentrales Dos S    4.81  11/29/2034     EUR    73.00
Credit Bank of Mosc    8.65    4/8/2015     RUB    60.01
DEIKON GmbH            1.00  11/16/2016     EUR    26.30
MirLand Development    8.50   8/31/2016     ILS    32.12
Solarwatt GmbH         7.00   11/1/2015     EUR    14.50
City of Baile Hercu    2.50  12/16/2020     RON    75.00
Lehman Brothers Tre    5.25   5/26/2026     EUR     4.70
Lehman Brothers Tre    4.00  10/24/2012     EUR     4.70
Bank Otkritie Finan   10.00  12/17/2019     USD    67.00
Exane Finance          1.75   4/28/2016     EUR    65.79
Heta Asset Resoluti    0.39   3/12/2043     EUR     3.42
Emporiki Group Fina    5.00   2/24/2022     EUR    67.82
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
TGK-9 OAO              8.10    8/7/2017     RUB    51.01
Russian Standard Ba   11.50   2/27/2016     RUB    70.01
Heta Asset Resoluti    4.88   9/18/2017     EUR    38.38
SAir Group             0.13    7/7/2005     CHF    11.00
Lehman Brothers Tre    4.00   12/2/2012     EUR     4.70
Lehman Brothers Tre    1.00    5/9/2012     EUR     4.70
Lehman Brothers Tre    4.50    5/2/2017     EUR     4.70
Breeze Finance SA     11.75   4/19/2027     EUR     3.00
Lehman Brothers Tre    6.00  10/30/2012     EUR     4.70
Northland Resources   15.00   7/15/2019     USD     1.56
RSG-Finance LLC       12.75  11/22/2016     RUB    70.03
Rusfinans Bank OOO    11.60  11/10/2015     RUB    60.01
Kommunalbanken AS      0.50   9/26/2017     BRL    74.88
RUSNANO OAO            8.90  12/20/2017     RUB    71.11
Credit Suisse AG/Lo   15.50    5/4/2016     USD    70.67
Federal Grid Co Uni    7.95    7/6/2023     RUB    73.01
Eitzen Chemical ASA   11.24    6/6/2016     USD    20.50
Lehman Brothers Tre    6.00   3/14/2011     EUR     4.70
Heta Asset Resoluti    0.30    4/9/2043     EUR     3.10
Espirito Santo Fina    5.05  11/15/2025     EUR     4.83
Lehman Brothers Tre    8.50    7/5/2016     EUR     4.70
RSL Communications    10.50  11/15/2008     USD     1.25
Credit Europe Bank     9.50   2/19/2016     RUB    60.00
Russian Railways JS    9.00   9/20/2039     RUB   100.00
Bank Nederlandse Ge    0.50   7/12/2022     ZAR    53.66
Royal Bank of Scotl    4.24   1/12/2046     EUR    72.50
Hamburgische Landes    0.46   1/22/2041     EUR    71.55
Province of Milan I    0.17  12/20/2042     EUR    43.61
Rosselkhozbank OJSC    7.90   9/18/2023     RUB    60.01
Mobile TeleSystems     5.00   6/29/2021     RUB    62.50
Investkredit Bank A    7.00   7/24/2022     EUR    63.69
Heta Asset Resoluti    5.27    4/7/2028     EUR    39.38
Bosnia & Herzegovin    2.50   6/30/2022     BAM    75.00
Cooperatieve Centra    0.50   7/30/2043     MXN    19.07
Alpha Credit Group     2.00   4/27/2024     EUR    44.25
Russian Railways JS    8.20   3/21/2028     RUB    75.00
Italy Government In    0.72   7/31/2045     EUR    63.94
Metkombank JSC         9.50   4/15/2015     RUB    60.01
Heta Asset Resoluti    4.54   9/22/2017     EUR    60.25
Agentstvo po Ipotec    8.25   9/15/2021     RUB    75.00
Europlan ZAO          12.50  10/31/2017     RUB    60.01
Allied Irish Banks     5.25   3/10/2035     GBP    26.50
Vontobel Financial     5.84    9/9/2016     EUR    72.64
DZ Bank AG Deutsche    6.50   3/24/2023     EUR    72.34
Anglian Water Servi    1.06   1/26/2057     GBP    73.18
Heta Asset Resoluti    5.73  12/10/2021     EUR    39.50
Codere Finance Luxe    8.25   6/15/2015     EUR    62.25
Siloviye Mashiny OA    8.10   9/28/2023     RUB    57.01
Bashneft OAO           8.85   1/31/2023     RUB    71.00
Notenstein Privatba   10.12   8/26/2015     USD    60.06
A-TEC Industries AG    5.75   11/2/2010     EUR     2.00
Region of Abruzzo I    0.40   11/7/2031     EUR    64.98
Raiffeisen Centroba    2.80  11/14/2016     EUR    67.03
Kaupthing Bank Hf      1.80  10/20/2009     JPY    13.50
Russian Highways       9.75  11/29/2016     RUB    60.01
ESTAVIS AG             7.75   6/25/2017     EUR     2.49
Caisse Centrale du     7.00   9/10/2015     EUR    15.39
Codere Finance Luxe    8.25   6/15/2015     EUR    61.00
Lehman Brothers Tre    6.00  10/24/2008     EUR     7.75
Oesterreichische Vo    5.27    2/8/2027     EUR    17.38
Cooperatieve Centra    0.50  10/30/2043     MXN    19.00
Lehman Brothers Tre    7.00    6/6/2017     EUR     4.70
Ingra DD               6.13   12/6/2016     HRK    12.99
Heta Asset Resoluti    0.49   8/12/2017     EUR    54.88
PJSC Geotech Seismi   10.50  10/17/2018     RUB    51.26
Alpha Credit Group     2.00  11/28/2032     EUR    23.96
ADLER Real Estate A    6.00  12/27/2018     EUR     7.25
Heta Asset Resoluti    3.72   3/15/2017     EUR    64.63
EuroChem Mineral &     8.90   6/26/2018     RUB    59.00
Municipality Financ    0.50    5/8/2029     AUD    62.72
Investkredit Bank A    4.77   4/12/2022     EUR    74.70
Republika Srpska       1.50  12/15/2023     BAM    72.00
WGF Westfaelische G    6.35    8/1/2017     EUR     4.00
SAir Group             4.25    2/2/2007     CHF    11.25
Heta Asset Resoluti    0.20   7/18/2017     EUR    54.63
Sidetur Finance BV    10.00   4/20/2016     USD    20.00
MirLand Development    6.00  11/30/2017     ILS    31.90
AdP - Aguas de Port    0.60   6/20/2022     EUR    70.25
LBI HF                 4.40   1/18/2010     CAD     4.20
Credit Suisse AG/Lo    1.64    6/1/2042     USD    57.94
Atari SA               0.10    4/1/2020     EUR     1.81
KA Finanz AG           6.08  12/13/2018     EUR    70.00
Kaupthing Bank Hf      9.75   9/10/2015     USD    13.50
Espirito Santo Fina    5.63   7/28/2017     EUR     4.06
ADLER Real Estate A    6.00   6/30/2017     EUR     7.25
Oesterreichische Vo    1.08   5/20/2025     EUR    64.25
Lehman Brothers Tre    8.25    2/3/2016     EUR     4.70
Municipality Financ    0.50  12/20/2018     ZAR    72.78
Lehman Brothers Tre    5.00   3/18/2015     EUR     6.38
Lehman Brothers Tre    4.95  10/25/2036     EUR     4.70
Lehman Brothers Tre    6.00   3/18/2015     USD     4.70
Agentstvo po Ipotec   10.75   5/15/2023     RUB    58.00
Credit Europe Bank    11.25    9/5/2016     RUB    60.01
Kommunekredit          0.50  10/22/2019     BRL    59.50
Alpha Credit Group     1.50  12/18/2028     EUR    27.29
Heta Asset Resoluti    0.36    4/9/2018     EUR    46.38
UniCredit Bank Aust    0.44   1/25/2031     EUR    69.88
Lehman Brothers Tre    1.46   2/19/2012     JPY    29.88
Baltic Financial Ag   12.75   9/27/2016     RUB    60.00
INKA Beteiligungsve    5.10  10/31/2018     EUR    70.00
UTair-Finans OOO      12.00   6/17/2016     RUB    30.00
Lehman Brothers Tre    1.28   11/6/2010     JPY    29.88
LBI HF                 4.53   4/24/2012     EUR     4.20
Lehman Brothers Tre    4.00   7/20/2012     EUR     4.70
Promsvyazbank OJSC    10.50   3/17/2021     USD    60.00
DekaBank Deutsche G    0.12   6/23/2034     EUR    74.42
DEIKON GmbH            1.00    7/1/2015     EUR    26.00
Heta Asset Resoluti    5.80   6/17/2017     EUR    58.38
Lehman Brothers Tre    8.88   1/28/2011     HKD    29.88
UTair-Finans OOO      13.00  11/13/2015     RUB    23.05
Windreich GmbH         6.75    3/1/2015     EUR    10.88
RUSNANO OAO            8.90  12/20/2017     RUB    70.00
UniCredit Bank AG      4.00   6/25/2015     EUR    64.17
Heta Asset Resoluti    0.36   4/22/2018     EUR    49.38
BLT Finance BV         7.50   5/15/2014     USD     6.00
City of Kiev Ukrain    8.00   11/6/2015     USD    74.15
Republika Srpska       1.50   6/30/2023     BAM    74.01
KA Finanz AG           4.44  12/20/2030     EUR    42.00
Lehman Brothers Tre    4.69   2/19/2017     EUR     7.75
Sviaz Bank OAO        11.15   4/29/2016     RUB    60.01
HSBC Bank PLC          0.50    3/1/2018     RUB    74.80
EDOB Abwicklungs AG    7.50    4/1/2012     EUR     0.65
Republic of Khakass    8.40  10/27/2020     RUB    67.04
Emporiki Group Fina    5.00   12/2/2021     EUR    68.14
Svensk Exportkredit    0.50   1/31/2022     ZAR    51.79
Cerruti Finance SA     6.50   7/26/2004     EUR     1.77
Lehman Brothers Tre    5.00    5/2/2022     EUR     7.75
Lehman Brothers Tre    7.50    5/2/2017     EUR     4.70
Cassa di Risparmio     1.98   4/15/2018     EUR    53.75
Commerzbank AG         5.00   9/27/2019     EUR    74.17
Heta Asset Resoluti    0.23   8/11/2017     EUR    53.75
Lehman Brothers Tre    5.50   4/23/2014     EUR     4.70
Societe Generale SA    0.50   5/30/2023     MXN    62.40
Oesterreichische Vo    9.09   7/26/2020     EUR    27.13
Municipality Financ    0.50   6/19/2024     ZAR    41.80
Leonteq Securities     6.72    6/5/2015     USD    72.63
Enemona AD-Kozloduy   10.00   4/28/2017     BGN     1.56
LBI HF                 5.25    6/5/2023     EUR     4.20
Hamburgische Landes    0.47  10/30/2040     EUR    71.61
Comune di Verona       0.31   12/1/2026     EUR    64.30
Fonciere Volta SA      4.50   7/30/2020     EUR     2.70
BNP Paribas SA         0.50   1/31/2018     RUB    67.21
Barclays Bank PLC      0.50   4/24/2023     MXN    62.99
RFA-Invest OAO        12.00   2/24/2016     RUB    60.00
Russian Federal Sav    8.15    3/6/2025     RUB    71.44
Russian Bank for Sm    8.25  11/26/2016     RUB    60.01
Heta Asset Resoluti    3.90   1/24/2017     EUR    67.63
Lehman Brothers Tre    4.00   7/27/2011     EUR     4.70
UTair-Finans OOO      12.00   4/22/2015     RUB    20.01
UTair-Finans OOO      12.00   6/17/2016     RUB    40.00
Barclays Bank PLC      3.09   5/10/2028     USD    74.86
Astana Finance BV     14.50    7/2/2013     USD     6.38
Zlomrex Internation    8.50    2/1/2014     EUR    71.00
Societe Generale SA    2.37  11/29/2032     USD    68.71
UBS AG                 9.00    7/3/2017     CHF    58.28
Oesterreichische Vo    4.81   7/29/2025     EUR    61.00
Heta Asset Resoluti    0.15    5/6/2016     EUR    71.63
LBI HF                 6.00    6/6/2017     EUR     4.20
RMK-Finans             0.10  12/15/2015     RUB    68.16
Lehman Brothers Tre    8.00   2/16/2016     EUR     4.70
AdP - Aguas de Port    0.30   1/23/2023     EUR    70.13
RBC OJSC               3.27   4/19/2018     RUB    45.00
Lehman Brothers Tre    7.60   3/26/2009     EUR     4.70
iMoneyBank            13.00  10/27/2016     RUB    60.00
Northland Resources   12.25   3/26/2016     USD     1.56
Kommunekredit          0.50   2/20/2020     BRL    56.58
Republika Srpska       1.50  10/30/2023     BAM    73.20
Heta Asset Resoluti    0.13   1/24/2017     EUR    61.00
Lehman Brothers Tre    8.00   4/20/2009     EUR     4.70
Salvator Grundbesit    9.50  12/31/2021     EUR    13.00
Lehman Brothers Tre    1.75    2/7/2010     EUR     7.75
Kommunalbanken AS      0.50    3/2/2018     BRL    70.74
Kommunekredit          0.50   7/30/2027     TRY    32.82
RUSNANO OAO            8.90  12/20/2017     RUB    60.00
Bank Julius Baer &     9.75   3/27/2015     USD    70.05
Credit Suisse AG       8.50    1/9/2015     USD     7.82
SAir Group             5.13    3/1/2003     CHF    11.00
Kommunekredit          0.50  12/14/2020     ZAR    64.02
Heta Asset Resoluti    0.84   9/20/2017     EUR    39.38
SG Option Europe SA    7.00    5/5/2017     EUR    60.02
AKB Baltica Bank       8.25    6/5/2024     RUB    33.12
UTair-Finans OOO      12.00   4/22/2015     RUB    20.01
hkw personalkonzept    8.25  11/15/2016     EUR     1.20
UniCredit Bank ZAO     8.10  11/20/2018     RUB    60.00
Uboat Line SA          8.06   9/27/2015     PLN    50.00
BNP Paribas Emissio    8.00   6/25/2015     EUR    69.60
LBI HF                 3.20   5/10/2010     SKK     4.20
Heta Asset Resoluti    0.18   3/15/2017     EUR    59.00
Housing Financing F    2.70    1/1/2020     ISK    66.00
HSBC Bank PLC          0.50   4/27/2027     NZD    56.16
Municipality Financ    0.50  11/10/2021     NZD    73.29
Bank Julius Baer &     9.40   5/27/2015     CHF    62.45
Province of Rovigo     0.43  12/28/2035     EUR    58.55
Avanquest Software     6.50   2/15/2015     EUR     4.30
Heta Asset Resoluti    5.68    7/5/2017     EUR    58.00
Junta de Castilla y    6.60   2/24/2023     EUR    67.98
UniCredit Bank ZAO     8.60   2/11/2016     RUB    60.03
World of Building T    5.40   6/25/2019     RUB     2.40
JP Morgan Structure    5.65    7/1/2015     CHF    47.55
Heta Asset Resoluti    4.40   6/20/2017     EUR    57.75
Province of Milan I    0.42  12/22/2033     EUR    65.73
Lehman Brothers Tre    5.00   8/16/2017     EUR     4.70
Lehman Brothers Tre    3.86   9/21/2011     SGD     7.75
Cassa Depositi e Pr    0.15  10/31/2029     EUR    70.73
Bank St Petersburg    10.90    9/8/2016     RUB    60.06
UTair-Finans OOO       9.50   7/21/2016     RUB    20.00
UTair-Finans OOO      12.00   6/17/2016     RUB    30.00
UTair-Finans OOO      11.75   5/26/2015     RUB    20.00
Sviaz Bank OAO        11.40   4/13/2022     RUB    60.01
Societe Generale SA   13.20   7/29/2015     USD    54.41
Bank Nederlandse Ge    0.50   9/20/2022     MXN    69.60
UBS AG                19.25   3/29/2016     EUR    67.23
Heta Asset Resoluti    0.38   3/10/2018     EUR    47.38
SAir Group             5.50   7/23/2003     CHF    11.00
UniCredit Bank AG      0.80  11/19/2029     EUR    67.00
Lehman Brothers Tre    6.65   8/24/2011     AUD    29.88
Heta Asset Resoluti    0.35   5/17/2017     EUR    56.13
Lehman Brothers Tre    4.00   3/10/2011     EUR     4.70
Deutsche Bank AG/Lo    0.50   10/5/2021     IDR    62.42
Kaupthing Bank Hf      4.65   2/19/2013     EUR    13.50
PC Guard SA            8.23   4/13/2015     PLN    75.00
Lehman Brothers Tre   10.00  10/22/2008     USD     7.75
HSBC Bank PLC          0.50   2/24/2027     NZD    56.74
Lenenergo OAO          8.50   4/18/2017     RUB    60.00
Bank Nederlandse Ge    0.50   8/15/2022     ZAR    55.64
Raiffeisen Centroba    2.40  12/19/2016     EUR    67.43
UTair-Finans OOO      12.00   5/26/2015     RUB    20.01
Heta Asset Resoluti    0.30   5/17/2017     EUR    56.75
Barclays Bank PLC      1.99   12/1/2040     USD    73.11
LBI HF                 6.75   2/18/2015     EUR     4.20
Hellas Telecommunic    8.08   7/15/2015     EUR     0.89
Lehman Brothers Tre   13.50  11/28/2008     USD     7.75
Oesterreichische Vo    6.00   3/30/2017     EUR    15.00
Caixa Geral de Depo    5.98    3/3/2028     EUR    71.88
Kommunalbanken AS      0.50   11/8/2018     BRL    65.86
Emporiki Group Fina    5.10   12/9/2021     EUR    69.08
Glitnir HF             6.38   9/25/2012     USD    11.88
Heta Asset Resoluti    4.07   3/21/2017     EUR    65.00
HSBC Bank PLC          0.50    6/4/2018     IDR    74.65
Russian Federal Sav    8.15   10/1/2025     RUB    71.25
Barclays Bank PLC      0.50   3/19/2021     MXN    71.92
Republika Srpska       1.50   9/25/2026     BAM    63.03
Hanzenvast Gothenbu    8.00   6/30/2022     EUR    75.00
Credit Suisse AG/Na    8.50    4/7/2015     USD    61.74
Leonteq Securities    19.94   5/21/2015     CHF    57.92
Hellas Telecommunic    8.50  10/15/2013     EUR     0.00
SV Patrimonia          4.00   4/19/2016     EUR    50.50
Glitnir HF             2.25   2/15/2011     EUR    11.88
Glitnir HF             3.25   8/15/2016     EUR    11.88
Investkredit Bank A    0.61   3/14/2020     EUR    70.41
Province of Treviso    0.17  12/31/2034     EUR    57.06
Lehman Brothers Tre   11.75    3/1/2010     EUR     7.75
Heta Asset Resoluti    0.42    3/4/2018     EUR    47.38
BNP Paribas SA         0.50  11/16/2032     MXN    32.77
Bank Nederlandse Ge    0.50   5/12/2021     ZAR    60.34
Credit Suisse AG/Lo   15.00   9/18/2015     USD    70.87
Bank Julius Baer &    10.20  11/13/2015     USD    70.50
SAir Group             6.25   4/12/2005     CHF    10.75
Bank Julius Baer &     8.75   5/22/2015     USD    64.05
HSBC Bank PLC          0.50  10/30/2018     IDR    72.04
UBS AG/London         10.50    6/5/2015     CHF    50.24
Landeskreditbank Ba    0.50   5/10/2027     CAD    70.67
Kaupthing Bank Hf      0.69   5/21/2011     JPY    13.50
Kuzbassenergo-Finan   11.00   6/14/2021     RUB    50.05
Lehman Brothers Tre    7.00  10/22/2010     EUR     4.70
Glitnir HF             3.75   1/15/2010     EUR    11.88
Gold-Zack AG           7.00  12/14/2005     EUR    11.02
Lehman Brothers Tre   11.00   6/29/2009     EUR     7.75
Lehman Brothers Tre    5.55   3/12/2015     EUR     7.75
Province of Brescia    0.52  12/22/2036     EUR    57.76
Lehman Brothers Tre   14.90   9/15/2008     EUR     7.75
MORTGAGE AGENT AHML    3.00    9/9/2045     RUB    72.46
Sviaz Bank OAO        11.15   11/1/2015     RUB    70.01
Republika Srpska       1.50   6/15/2024     BAM    74.00
Bank Nederlandse Ge    0.50    8/9/2022     MXN    70.04
Cooperatieve Centra    0.50   1/31/2033     MXN    28.22
Svensk Exportkredit    0.50   3/15/2022     ZAR    51.09
HSBC Bank PLC          0.50  12/29/2026     AUD    68.15
Leonteq Securities    10.30   6/10/2015     CHF    60.81
Horus Finance ZAO     13.00    3/6/2019     RUB    60.30
Bank MIA              10.75    6/6/2017     RUB    60.01
Societe Generale SA    5.50   7/27/2015     EUR    55.84
UBS AG/London          2.06   3/31/2017     USD     9.79
Heta Asset Resoluti    0.32    7/1/2017     EUR    55.13
SAir Group             6.25  10/27/2002     CHF    11.13
Glitnir HF             5.00   3/14/2012     EUR    11.88
Glitnir HF             4.75  10/15/2010     USD    11.88
Muehl Product & Ser    6.75   3/10/2005     DEM     1.70
Province of Treviso    0.31  12/31/2034     EUR    58.42
RSL Communications    12.00   11/1/2008     USD     1.25
Bosnia & Herzegovin    2.50   6/30/2023     BAM    72.06
Glitnir HF             3.25   9/15/2015     EUR    11.88
ECM Real Estate Inv    5.00   10/9/2011     EUR    10.38
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
LBI HF                 7.20   4/27/2026     EUR     0.01
Lehman Brothers Tre    8.00  10/17/2014     EUR     4.70
KA Finanz AG           4.26    2/8/2019     EUR    61.13
Republika Srpska       1.50  12/15/2023     BAM    74.00
Republika Srpska       1.50  12/22/2023     BAM    66.00
BNP Paribas SA         0.50    5/6/2021     MXN    70.53
URALSIB Leasing Co    11.00   4/21/2016     RUB    60.86
Cooperatieve Centra    0.50  11/30/2027     MXN    44.70
Svensk Exportkredit    0.50   6/20/2029     AUD    62.04
Kommunalbanken AS      0.50   5/27/2022     ZAR    53.27
Bank Soyuz JSCB       12.75  10/11/2018     RUB    60.00
HSBC Bank PLC          0.50   6/28/2019     IDR    67.96
URALSIB Leasing Co    11.50   2/10/2015     RUB    59.27
Uboat Line SA          6.00   4/24/2015     PLN    75.00
Republika Srpska       1.50   5/31/2025     BAM    68.50
Republic of Srpska     1.50    6/9/2025     BAM    68.50
JP Morgan Structure    8.20   5/18/2015     CHF    73.91
UBS AG                12.00  12/29/2015     EUR    56.13
Heta Asset Resoluti    4.70    4/2/2018     EUR    53.13
Heta Asset Resoluti    0.46   7/28/2017     EUR    54.38
Heta Asset Resoluti    0.46   8/21/2017     EUR    54.13
Dresdner Bank AG       0.77  11/19/2029     EUR    57.88
Kommunekredit          0.50   5/11/2029     CAD    67.91
Lehman Brothers Tre    4.70   3/23/2016     EUR     4.70
COFIDUR SA             0.10  12/31/2024     EUR    15.03
Russian Federal Sav    7.60   12/9/2021     RUB    71.50
Russian Federal Sav    7.60   2/24/2021     RUB    73.01
LBBW                   0.60    1/8/2041     EUR    70.91
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Lehman Brothers Tre    4.00   4/13/2011     CHF     4.70
LBI HF                 7.25    4/2/2011     EUR     4.20
VEB-Leasing OAO        9.50    4/2/2021     RUB    60.01
Investpro OOO         13.00  12/31/2018     RUB    60.00
DeltaCredit Bank       8.45   8/30/2018     RUB    60.00
Russian Post FGUP      8.70  10/18/2019     RUB    60.00
Lehman Brothers Tre    4.35    8/8/2016     SGD    29.88
Lehman Brothers Tre    7.55  12/29/2008     USD     4.70
Windreich GmbH         6.25    3/1/2015     EUR    10.88
Svensk Exportkredit    0.50   2/22/2022     ZAR    51.42
Heta Asset Resoluti    0.43   8/28/2017     EUR    54.00
UBS AG/London         10.25   3/10/2017     USD     9.54
Bank Julius Baer &    14.75   5/20/2015     CHF    60.80
Raiffeisen Centroba    6.65   8/12/2015     EUR    74.24
Glitnir HF             3.00  10/31/2015     EUR    11.88
Barclays Bank PLC      9.00   4/24/2015     USD     8.97
Lehman Brothers Tre    4.00   2/28/2010     EUR     7.75
Kaupthing Bank Hf      0.80   2/15/2011     EUR    13.50
UBS AG                10.37  10/23/2015     USD    16.75
Glitnir HF             2.00   1/30/2009     CHF    11.88
Oesterreichische Vo    4.25    9/7/2020     EUR    70.35
Glitnir HF             3.00    4/1/2010     CZK    11.88
Union Technologies     0.10    1/1/2020     EUR     5.30
LBI HF                 6.75   8/18/2015     EUR     4.20
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    5.00   5/12/2011     CHF     4.70
Comune di Ladispoli    0.28  12/31/2026     EUR    74.18
Barclays Bank PLC      0.50   1/28/2033     MXN    34.82
HSBC Bank PLC          0.50   12/8/2026     AUD    62.75
Svensk Exportkredit    0.50   4/25/2019     BRL    61.24
HSBC Bank PLC          0.50  10/30/2026     NZD    57.84
Municipality Financ    0.50  11/21/2018     ZAR    73.25
City of Krasnodar R    9.00   11/5/2015     RUB    60.04
Russian Federal Sav    8.15   3/10/2027     RUB    70.78
Leonteq Securities    13.90   1/15/2015     USD    56.41
HSBC Bank PLC          0.50   9/28/2018     IDR    72.71
Russian Bor Chemica   10.00  12/20/2018     RUB     0.01
wige MEDIA AG          6.00   3/17/2019     EUR     1.85
Kaupthing Bank Hf      7.90    2/1/2016     EUR    13.50
NIBC Bank NV          25.98    5/7/2029     EUR    49.39
Kaupthing Bank Hf      7.90   4/28/2016     EUR    13.50
DEIKON GmbH            1.00    7/1/2016     EUR    27.00
Glitnir HF             5.86   7/28/2016     GBP    11.88
Lehman Brothers Tre    3.00   12/3/2012     EUR     4.70
Lehman Brothers Tre    6.00    3/4/2015     USD     4.70
Comune di Orvieto      0.30  12/31/2031     EUR    61.49
Heta Asset Resoluti    0.47   2/10/2018     EUR    51.13
Lehman Brothers Tre    6.70   4/21/2011     USD     4.70
HSBC Bank PLC          0.50  12/20/2018     RUB    69.92
Lehman Brothers Tre    9.25   6/20/2012     USD     4.70
Lehman Brothers Tre    7.00   2/15/2012     EUR     7.75
Lehman Brothers Tre    9.00   5/15/2022     USD     4.70
Comune di San Bened    0.25   6/30/2027     EUR    72.71
Lehman Brothers Tre   14.90  11/16/2010     EUR     7.75
e-Kancelaria Grupa     8.37  10/17/2016     PLN    70.80
Bank Nederlandse Ge    0.50   9/20/2022     ZAR    53.99
DeltaCredit Bank       8.25    8/7/2015     RUB    60.01
ExpertGroup OOO/Rus   13.00  12/11/2015     RUB    60.00
Societe Generale SA    0.50    4/3/2023     RUB    51.45
Kommunalbanken AS      0.50    8/9/2017     BRL    74.43
Municipality Financ    0.50  12/14/2018     TRY    70.58
Societe Generale Ef    5.00   11/7/2016     EUR    74.78
Republika Srpska       1.50  12/24/2025     BAM    66.36
BNP Paribas SA         0.50   9/29/2029     AUD    65.16
Svensk Exportkredit    0.50   6/29/2029     AUD    65.67
Bank Julius Baer &     8.25   9/18/2015     CHF    53.40
UBS AG/London          9.06  10/23/2015     CHF    68.80
UBS AG/London         12.75   2/12/2015     CHF    48.17
Heta Asset Resoluti    0.35    4/2/2018     EUR    46.50
KFW                    0.25   10/6/2036     CAD    37.21
Lehman Brothers Tre    0.80  12/30/2016     EUR     4.70
RSL Communications    10.13    3/1/2008     USD     1.25
Lehman Brothers Tre    3.70    6/6/2009     EUR     4.70
RSL Communications     9.13    3/1/2008     USD     1.25
Kaupthing Bank Hf      1.99    7/5/2012     JPY    13.50
Driver & Bengsch AG    8.50  12/31/2027     EUR     0.00
Municipality Financ    0.25   6/28/2040     CAD    26.47
Russian Federal Sav    7.70  12/16/2020     RUB    73.83
UniCredit Bank Aust    0.70   1/22/2031     EUR    67.63
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    6.30  12/21/2018     USD     4.70
Lehman Brothers Tre    4.60  10/11/2017     ILS    29.88
Comune di Lozio        0.44  12/31/2035     EUR    55.88
Comune di Marsciano    0.33  12/31/2036     EUR    52.83
Lehman Brothers Tre    7.59  11/22/2009     MXN    29.88
LBI HF                 4.38  10/20/2008     EUR     4.20
Societe Generale SA    0.50   6/12/2023     RUB    50.51
Lehman Brothers Tre   11.00    7/4/2011     CHF     7.75
Lehman Brothers Tre   15.00   3/30/2011     EUR     4.70
UniCredit Bank Aust    0.47   1/24/2031     EUR    68.75
Lehman Brothers Tre    4.05   9/16/2008     EUR     4.70
Kommunekredit          0.50   9/19/2019     BRL    60.20
Svensk Exportkredit    0.50   8/28/2020     TRY    60.96
Municipality Financ    0.50   2/22/2019     IDR    69.68
Lehman Brothers Tre    2.50   11/9/2011     CHF     4.70
Lehman Brothers Tre    1.50  10/25/2011     EUR     4.70
RSL Communications     9.88  11/15/2009     USD     1.25
HSBC Bank PLC          0.50   5/31/2019     IDR    68.27
Lloyds Bank PLC        0.50   7/26/2028     MXN    41.18
Svensk Exportkredit    0.50   8/28/2018     BRL    65.56
Svensk Exportkredit    0.50   4/24/2029     AUD    64.26
Otkritie Holding      12.50   7/26/2017     RUB    60.00
Leonteq Securities    14.20  11/18/2015     CHF    74.93
Vontobel Financial     8.55   3/13/2015     EUR    73.12
Goldman Sachs & Co    11.00   6/24/2015     EUR    73.12
Banque Cantonale Va   15.70   3/27/2015     EUR    55.14
JP Morgan Structure   12.00   2/17/2015     CHF    41.71
UBS AG                10.00   3/27/2015     USD     7.55
Glitnir HF             3.00  11/30/2009     EUR    11.88
IT Holding Finance     9.88  11/15/2012     EUR     0.20
Heta Asset Resoluti    0.23    2/9/2017     EUR    60.38
Depfa ACS Bank         0.50    3/3/2025     CAD    73.20
Municipality Financ    0.50   3/17/2025     CAD    68.06
Lehman Brothers Tre    6.00   9/20/2011     EUR     4.70
Lehman Brothers Tre   18.25   10/2/2008     USD     7.75
Glitnir HF             4.85   4/26/2012     EUR    11.88
Lehman Brothers Tre   10.00    1/3/2012     BRL     4.70
Nutritek Internatio    8.75  12/11/2008     USD     2.00
Oesterreichische Vo    4.90   8/18/2025     EUR    61.30
ENEFI Energyefficie   10.24   2/12/2015     HUF    17.29
Bank Nederlandse Ge    0.50   6/22/2021     ZAR    55.92
Glitnir HF             6.00  12/15/2012     GBP    11.88
Kaupthing Bank Hf      7.00   4/28/2012     ISK     0.00
Province of Palermo    0.28  12/31/2035     EUR    53.57
LBI HF                 4.32   1/31/2010     EUR     4.20
Lehman Brothers Tre    3.00   3/19/2018     JPY     7.75
Kommunalbanken AS      0.50   9/20/2018     BRL    66.78
Medved-Finans OOO     12.50   8/22/2016     RUB    60.10
Kommunalbanken AS      0.50   8/15/2018     BRL    68.92
Cooperatieve Centra    0.50   8/21/2028     MXN    42.28
Comune di Orvieto      0.30  12/31/2030     EUR    63.59
Province of Teramo     0.27  12/30/2030     EUR    65.57
HSBC Bank PLC          0.50   1/29/2027     NZD    56.92
Municipality Financ    0.50  11/21/2018     TRY    70.68
HSBC Bank PLC          0.50   7/30/2019     IDR    67.43
Efesk Group           13.25   6/14/2016     RUB    60.10
Avangard Bank         10.25    2/1/2016     RUB    60.00
Republic of Karelia   12.25    4/8/2020     RUB    70.11
UBS AG                 8.05    1/7/2015     USD     7.78
Republic of Mariy E   11.30    7/7/2018     RUB    60.05
e-Kancelaria Grupa     9.00   12/4/2015     PLN    73.90
Notenstein Privatba   10.80   1/30/2015     USD    70.41
Bank Julius Baer &     8.00    5/7/2015     USD    51.10
EFG International F    6.48   5/29/2018     EUR    54.01
Notenstein Privatba   14.00    3/9/2015     CHF    46.11
Bank Julius Baer &     9.45   1/23/2015     USD    60.30
Banque Cantonale Va   16.10   3/27/2015     CHF    55.50
Zurcher Kantonalban    5.00   9/17/2015     CHF    62.56
JP Morgan Structure   10.00   1/15/2015     USD    64.35
Svensk Exportkredit    0.50   8/29/2029     AUD    66.91
Kaupthing Bank Hf      6.50   10/8/2010     ISK    13.50
Kaupthing Bank Hf      6.40  12/15/2015     EUR    13.50
Lehman Brothers Tre    4.50  12/30/2010     USD     7.75
Provinsor Fastighet    8.50   6/30/2015     DKK     0.10
Freshwater Finance     6.18   4/20/2035     GBP    68.13
Glitnir HF             3.30   6/10/2010     EUR    11.88
LBI HF                 1.68  12/22/2014     JPY     4.20
Rinol AG               5.50  10/15/2006     DEM     0.00
Lehman Brothers Tre    4.25   3/13/2021     EUR     7.75
LBI HF                 4.34  12/22/2025     EUR     4.20
LBI HF                 7.75   2/22/2016     USD     4.20
Province of Brescia    0.68   6/30/2036     EUR    58.53
Lehman Brothers Tre    4.80  11/16/2012     HKD     7.75
KPNQwest NV            7.13    6/1/2009     EUR     0.37
Comunita Montana de    0.31   6/30/2027     EUR    74.39
Glitnir HF             6.69   6/15/2016     USD     0.02
Glitnir HF             7.32  12/19/2012     USD    11.88
Lehman Brothers Tre    6.25  11/30/2012     EUR     4.70
Lehman Brothers Tre    6.25    9/5/2011     EUR     4.70
Svensk Exportkredit    0.50  12/17/2027     USD    71.58
Heta Asset Resoluti    0.35   5/10/2017     EUR    56.38
Glitnir HF             6.00    8/1/2015     ISK    11.88
LBI HF                 5.08    3/1/2013     ISK     4.20
Lehman Brothers Tre   11.00  12/19/2011     USD     4.70
Lehman Brothers Tre    6.60    2/9/2009     EUR     4.47
Comune di Bossico      0.39  12/31/2035     EUR    55.15
Comune di Ponte Di     0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    4.68  12/12/2045     EUR     7.75
Kaupthing Bank Hf      7.50    4/2/2011     EUR    13.50
Lehman Brothers Tre    9.75   6/22/2018     USD     4.70
Lehman Brothers Tre    2.00   6/28/2011     EUR     4.70
Arizk                  3.00  12/20/2030     RUB    23.91
Comune di Erchie       0.31  12/31/2036     EUR    52.28
Comune di Soriano N    0.27  12/31/2026     EUR    74.29
Lehman Brothers Tre    0.50    7/2/2020     EUR     7.75
Oesterreichische Vo    3.78   8/25/2033     EUR    71.00
HSBC Bank PLC          0.50   11/9/2018     IDR    71.88
Comune di Cimbergo     0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    4.60    7/6/2016     EUR     4.70
Lehman Brothers Tre    5.00  11/22/2012     EUR     4.70
Lehman Brothers Tre    8.28   3/26/2009     USD     4.70
BNP Paribas SA         0.50   2/13/2024     NZD    65.18
HSBC Bank PLC          0.50  12/29/2022     AUD    70.92
HSBC Bank PLC          0.50   12/2/2022     AUD    70.93
HSBC Bank PLC          0.50    6/9/2023     MXN    63.88
Svensk Exportkredit    0.50   6/28/2022     ZAR    49.45
Svensk Exportkredit    0.50   6/26/2019     TRY    66.73
Municipality Financ    0.50    8/8/2029     NZD    54.81
Municipality Financ    0.50   1/23/2018     BRL    72.83
Municipality Financ    0.50  11/25/2020     ZAR    58.36
Lehman Brothers Tre    3.00   6/23/2009     EUR     4.70
Leonteq Securities     6.70    6/6/2016     USD    67.65
Societe Generale SA    0.50    4/4/2024     MXN    60.50
Commerzbank AG         6.50   2/26/2015     EUR    70.56
DekaBank Deutsche G    5.75    2/5/2015     EUR    71.13
Bank Julius Baer &     6.50   7/31/2015     USD    56.55
Leonteq Securities    10.00   9/17/2015     USD    68.57
Notenstein Finance     7.00  10/23/2015     USD    62.03
SAir Group             2.13   11/4/2004     CHF    11.00
Republika Srpska       9.00   9/26/2027     BAM    62.00
Commerzbank AG         6.50   2/26/2015     EUR    57.77
Bank Julius Baer &     8.10    5/7/2015     USD    65.90
Bank Julius Baer &    12.50    4/7/2015     CHF    47.70
Goldman Sachs & Co    10.00   3/25/2015     EUR    67.93
Societe Generale SA    4.00   3/29/2016     EUR    66.68
Barclays Bank PLC      3.50    2/5/2016     EUR    58.36
Raiffeisen Centroba    5.32   3/12/2015     EUR    21.55
Commerzbank AG        10.00   3/26/2015     EUR    73.54
UBS AG/London          7.00   1/22/2015     CHF    41.64
Commerzbank AG         4.00    2/3/2015     EUR    55.33
Commerzbank AG        13.50   4/23/2015     EUR    60.57
SAir Group             2.75   7/30/2004     CHF    10.75
Lehman Brothers Tre    4.25   5/15/2010     EUR     4.70
Glitnir HF             5.25    5/2/2017     ISK    11.88
Oesterreichische Vo    1.55    3/1/2022     EUR    73.50
LBI HF                 3.36   8/17/2012     EUR     4.20
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Oberoesterreichisch    0.39   4/25/2042     EUR    60.91
Comune di Roe Volci    0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre   23.30   9/16/2008     USD     7.75
HSBC Bank PLC          0.50   5/29/2020     IDR    63.26
Lehman Brothers Tre    7.75    1/3/2012     AUD     7.75
Lehman Brothers Tre    6.45   2/20/2010     AUD     7.75
Lehman Brothers Tre   10.44  11/22/2008     CHF     7.75
Lehman Brothers Tre    6.00   2/19/2023     USD     4.70
Societe Generale SA    0.50   5/22/2024     MXN    60.84
HSBC Bank PLC          0.50   2/24/2023     AUD    69.36
HSBC Bank PLC          0.50    4/3/2023     AUD    69.78
Leonteq Securities    29.61  10/26/2017     EUR    45.99
Commerzbank AG         5.00   6/25/2015     EUR    73.49
Commerzbank AG         4.70   6/25/2015     EUR    67.87
Commerzbank AG         8.50   3/26/2015     EUR    73.55
Commerzbank AG         8.25   4/23/2015     EUR    74.63
HSBC Trinkaus & Bur    7.00   9/25/2015     EUR    67.42
UBS AG                 8.84   3/10/2015     USD     8.25
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    37.12
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    70.85
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    67.50
Notenstein Finance    12.00   11/3/2015     USD    72.32
Deutsche Bank AG       7.20  12/22/2015     EUR    71.60
UBS AG/London          8.00    1/9/2015     USD    51.05
Commerzbank AG        12.50   5/21/2015     EUR    44.67
Commerzbank AG         9.75   2/26/2015     EUR    47.60
Commerzbank AG        12.75   2/26/2015     EUR    41.39
Commerzbank AG        10.00   2/26/2015     EUR    63.40
DZ Bank AG Deutsche   14.50   3/27/2015     EUR    49.97
Commerzbank AG         6.50   2/26/2015     EUR    68.60
DZ Bank AG Deutsche    8.00   3/27/2015     EUR    60.61
Commerzbank AG        13.00   2/26/2015     EUR    74.06
Commerzbank AG        19.50   2/26/2015     EUR    33.63
Commerzbank AG        11.50   2/26/2015     EUR    74.66
Commerzbank AG         6.00   2/26/2015     EUR    74.16
Commerzbank AG         8.00   2/26/2015     EUR    70.68
Commerzbank AG         8.00   2/26/2015     EUR    70.67
Commerzbank AG        10.25   2/26/2015     EUR    52.32
Commerzbank AG        10.00   2/26/2015     EUR    72.17
Commerzbank AG         7.50   6/25/2015     EUR    58.63
Commerzbank AG         8.50   2/26/2015     EUR    69.17
Commerzbank AG         9.00   2/26/2015     EUR    54.41
Deutsche Bank AG       6.20   3/24/2015     EUR    53.50
Commerzbank AG        10.00   2/26/2015     EUR    49.36
Commerzbank AG        16.00   2/26/2015     EUR    36.87
Commerzbank AG         7.75   2/26/2015     EUR    66.36
Commerzbank AG         8.00   2/26/2015     EUR    54.05
UBS AG                22.00   3/27/2015     EUR    42.72
UBS AG                 6.25  12/29/2015     EUR    67.06
UBS AG                16.25  12/29/2015     EUR    72.98
Commerzbank AG        10.00   4/23/2015     EUR    72.75
Commerzbank AG         6.00   4/23/2015     EUR    74.91
Commerzbank AG        10.75   3/26/2015     EUR    65.22
Commerzbank AG         8.00   3/26/2015     EUR    70.93
Commerzbank AG         7.25   3/26/2015     EUR    57.24
Commerzbank AG         8.50   4/23/2015     EUR    70.46
Commerzbank AG         8.25   3/26/2015     EUR    70.30
Commerzbank AG        10.00   3/26/2015     EUR    67.20
Commerzbank AG        12.00   3/26/2015     EUR    64.40
Commerzbank AG         8.25   1/22/2015     EUR    70.33
Commerzbank AG         8.00   1/22/2015     EUR    64.18
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    72.00
Commerzbank AG         7.50   3/26/2015     EUR    74.26
UBS AG                 7.49   3/31/2015     USD     8.57
Commerzbank AG         6.50   1/22/2015     EUR    74.16
Vontobel Financial     7.70   1/30/2015     EUR    66.10
Commerzbank AG         6.00   1/22/2015     EUR    67.55
Leonteq Securities     7.00   1/22/2016     CHF    44.05
EFG International F   10.00   1/16/2015     USD    72.73
Commerzbank AG        13.00   3/26/2015     EUR    74.67
Commerzbank AG        10.50   1/22/2015     EUR    72.08
Commerzbank AG         8.50   3/26/2015     EUR    69.82
Commerzbank AG         8.00   1/22/2015     EUR    66.52
UBS AG/London          7.92   9/15/2015     USD     9.33
Commerzbank AG         8.50   3/26/2015     EUR    71.67
Commerzbank AG         7.00   1/22/2015     EUR    70.07
DZ Bank AG Deutsche   16.00   5/22/2015     EUR    67.71
Commerzbank AG         6.50   1/22/2015     EUR    62.32
Commerzbank AG         9.50   4/23/2015     EUR    71.06
Commerzbank AG        11.50   4/23/2015     EUR    62.96
Commerzbank AG        16.50   4/23/2015     EUR    42.29
Commerzbank AG        11.25   5/21/2015     EUR    74.54
Commerzbank AG         7.25   4/23/2015     EUR    61.33
Commerzbank AG        13.25   4/23/2015     EUR    46.67
Commerzbank AG        20.00   4/23/2015     EUR    39.16
Commerzbank AG        27.25   4/23/2015     EUR    35.12
Commerzbank AG         7.25   1/22/2015     EUR    59.88
Commerzbank AG         9.75   1/22/2015     EUR    56.36
Commerzbank AG         9.00   1/22/2015     EUR    71.21
Commerzbank AG        11.00   1/22/2015     EUR    74.51
Commerzbank AG         8.50   1/22/2015     EUR    59.77
Commerzbank AG         9.50   1/22/2015     EUR    45.74
Commerzbank AG        20.25   1/22/2015     EUR    31.12
Commerzbank AG        10.50   1/22/2015     EUR    62.97
Commerzbank AG        13.75   1/22/2015     EUR    72.37
HSBC Trinkaus & Bur    2.50   1/23/2015     EUR    72.41
Commerzbank AG         7.75   4/23/2015     EUR    73.35
Commerzbank AG         7.25   1/22/2015     EUR    74.13
Commerzbank AG        12.75   1/22/2015     EUR    39.50
Commerzbank AG        16.25   1/22/2015     EUR    34.84
Commerzbank AG         7.00   4/23/2015     EUR    74.68
Leonteq Securities    12.10  10/22/2015     USD    66.49
Commerzbank AG        11.00   5/21/2015     EUR    74.73
Commerzbank AG         6.75   5/21/2015     EUR    57.95
Bank Julius Baer &    10.00   2/27/2015     USD    36.05
Kaupthing Bank Hf      7.50   12/5/2014     ISK    13.50
Lehman Brothers Tre    2.30   6/27/2013     USD     7.75
Lehman Brothers Tre    2.37   7/15/2013     USD     4.70
LBI HF                 5.44    9/3/2018     EUR     0.01
City of Siret Roman    4.01    3/1/2028     RON    23.88
LBI HF                 3.11  11/10/2008     EUR     4.20
Glitnir HF             4.50    1/9/2012     EUR    11.88
Glitnir HF             6.75   3/27/2013     EUR    11.88
Glitnir HF             3.00   10/4/2011     EUR    11.88
Lehman Brothers Tre    6.50   5/16/2015     EUR     4.70
Glitnir HF             2.75   3/31/2010     EUR    11.88
Lehman Brothers Tre    3.50   9/29/2017     EUR     7.75
Lehman Brothers Tre    3.00    8/8/2017     EUR     4.70
Lehman Brothers Tre    5.00    9/1/2011     EUR     4.70
Lehman Brothers Tre    3.35  10/13/2016     EUR     4.70
Provincia di Ancona    0.31   6/30/2028     EUR    70.53
Eksportfinans ASA      0.25   7/14/2033     CAD    21.63
Lehman Brothers Tre    7.00   7/11/2010     EUR     4.70
Glitnir HF             4.01    7/6/2009     HKD    11.88
Lehman Brothers Tre    5.00    8/1/2025     EUR     4.70
Lehman Brothers Tre    6.00   7/28/2010     EUR     7.75
Lehman Brothers Tre    6.00   7/28/2010     EUR     7.75
Lehman Brothers Tre    7.50    8/1/2035     EUR     4.70
Lehman Brothers Tre    4.90   7/28/2020     EUR     4.70
Glitnir HF             3.45   8/22/2010     CZK    11.88
Glitnir HF             0.01    8/3/2009     JPY    11.88
Lehman Brothers Tre   12.00   7/13/2037     JPY     4.70
Lehman Brothers Tre   10.00   6/11/2038     JPY     4.70
UBS AG                 8.93   6/25/2015     USD    44.54
Credit Suisse AG       8.00   7/31/2015     USD     8.78
UBS AG                 2.75   8/18/2016     USD     8.62
Kaupthing Bank Hf      4.47  10/27/2010     EUR    13.50
Lehman Brothers Tre    2.30   4/28/2014     JPY     4.70
Lehman Brothers Tre    4.10   5/20/2009     USD     7.75
Lehman Brothers Tre    2.00   5/17/2010     EUR     7.75
Oesterreichische Vo    5.45    8/2/2019     EUR    72.70
Lehman Brothers Tre    0.75   3/29/2012     EUR     4.70
Glitnir HF             5.35   5/11/2010     USD    11.88
Eksportfinans ASA      0.50    5/9/2030     CAD    31.25
Lehman Brothers Tre    4.50    3/7/2015     EUR     4.70
Raiffeisenverband S    0.05   2/28/2031     EUR    71.71
LBI HF                 4.40   11/3/2009     CZK     4.20
LBI HF                 3.45  12/18/2033     JPY     0.01
Glitnir HF             0.50  11/26/2009     EUR    11.88
Lehman Brothers Tre    5.00   12/6/2011     EUR     7.75
Comune di Marsciano    0.50  12/30/2034     EUR    57.92
Lehman Brothers Tre    5.22    3/1/2024     EUR     7.75
Lehman Brothers Tre    3.63    3/2/2012     EUR     7.75
LBI HF                 4.08   3/16/2015     EUR     4.20
Lehman Brothers Tre    6.00   6/21/2011     EUR     4.70
Lehman Brothers Tre    2.00  11/16/2009     EUR     4.70
Lehman Brothers Tre    3.40   9/21/2009     HKD     7.75
Lehman Brothers Tre    2.00   6/21/2011     EUR     4.70
Lehman Brothers Tre    2.50   8/23/2012     GBP     7.75
Lehman Brothers Tre    3.00   8/13/2011     EUR     4.70
Kaupthing Bank Hf      3.75   2/15/2024     ISK    13.50
Glitnir HF             5.25    5/2/2014     ISK    11.88
Lehman Brothers Tre    4.70   3/23/2016     EUR     4.70
Comunita Montana Le    0.37   1/15/2027     EUR    73.85
Glitnir HF             3.63    4/5/2009     EUR    11.88
Lehman Brothers Tre   10.00    8/2/2037     JPY     4.70
Kaupthing Bank Hf      5.00   11/8/2013     EUR    13.50
UBS AG                10.05  10/23/2015     USD    37.24
LBI HF                 4.75   5/31/2013     EUR     4.20
Lehman Brothers Tre    4.00   5/17/2010     USD     4.70
Lehman Brothers Tre    2.48   5/12/2009     USD     4.70
Lehman Brothers Tre    2.25   5/12/2009     USD     4.70
Bulgaria Steel Fina   12.00    5/4/2013     EUR     1.00
Lehman Brothers Tre    7.50   6/15/2017     USD     4.70
Lehman Brothers Tre    0.50   2/16/2009     EUR     7.75
Kaupthing Bank Hf      1.65    7/5/2010     JPY    13.50
Glitnir HF             4.85    4/6/2012     EUR    11.88
Kaupthing Bank Hf      5.40   3/22/2014     ISK     0.00
Lehman Brothers Tre    6.00  12/30/2017     EUR     4.70
Kaupthing Bank Hf      0.20   7/12/2009     JPY    13.50
Lehman Brothers Tre    6.00   3/17/2011     EUR     4.70
Lehman Brothers Tre   13.00   7/25/2012     EUR     7.75
Glitnir HF            10.00   6/28/2017     USD    11.88
UBS AG                11.60  11/19/2015     USD     8.62
Lehman Brothers Tre    6.00   5/23/2018     CZK     4.70
Banca di Cividale S    0.18   10/2/2036     EUR    59.52
Kaupthing Bank Hf      4.90   5/29/2017     EUR    13.50
Lehman Brothers Tre    4.00   5/30/2010     USD     7.75
Lehman Brothers Tre    4.10   6/10/2014     SGD     7.75
Glitnir HF             2.57  12/31/2013     EUR    11.88
Lehman Brothers Tre   10.00    1/4/2010     USD     4.70
Lehman Brothers Tre    4.87   10/8/2013     USD     7.75
Lehman Brothers Tre    1.95   11/4/2013     EUR     7.75
Lehman Brothers Tre    3.00   8/15/2017     EUR     4.70
Lehman Brothers Tre    3.50   9/19/2017     EUR     7.75
Glitnir HF             0.01    5/6/2009     JPY    11.88
Oesterreichische Vo    1.08    3/1/2021     EUR    74.13
Lehman Brothers Tre    4.15   8/25/2020     EUR     7.75
Kaupthing Bank Hf      5.80    9/7/2012     EUR    13.50
Glitnir HF             3.30   8/22/2012     EUR    11.88
Lehman Brothers Tre    6.00   12/6/2016     USD     4.70
LBI HF                 4.00   9/23/2015     EUR     4.20
LBI HF                 2.14    2/3/2020     JPY     4.20
City of Pavullo nel    1.12  12/31/2030     EUR    74.17
Kaupthing Bank Hf      7.00    1/3/2011     EUR    13.50
Lehman Brothers Tre   16.80   8/21/2009     USD     7.75
Lehman Brothers Tre    5.20   3/19/2018     EUR     7.75
Lehman Brothers Tre   13.15  10/30/2008     USD     7.75
Glitnir HF             3.50  10/30/2012     EUR    11.88
Lehman Brothers Tre    8.60   7/31/2013     GBP     4.70
Lehman Brothers Tre    8.28   7/31/2013     GBP     4.70
Lehman Brothers Tre    7.50   7/31/2013     GBP     4.70
Lehman Brothers Tre    7.32   7/31/2013     GBP     4.70
Barclays Bank PLC      1.64    6/3/2041     USD    73.36
LBI HF                 4.40  11/30/2035     EUR     0.01
Lehman Brothers Tre    5.10   6/22/2046     EUR     7.75
Lehman Brothers Tre    4.60   11/9/2011     EUR     4.70
Lehman Brothers Tre    6.50   7/24/2026     EUR     4.70
Lehman Brothers Tre   12.22  11/21/2017     USD     4.70
LBI HF                 3.00  10/22/2015     EUR     4.20
Lehman Brothers Tre    3.50  12/20/2027     USD     4.70
Lehman Brothers Tre    4.50    8/2/2009     USD     7.75
Glitnir HF             6.33   7/28/2011     USD    11.88
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Lehman Brothers Tre   14.10  11/12/2008     USD     7.75
Lehman Brothers Tre    4.50    3/6/2013     CHF     4.70
Lehman Brothers Tre    4.00   4/24/2009     USD     7.75
Lehman Brothers Tre    9.00   3/17/2009     GBP     7.75
Lehman Brothers Tre    8.00   5/22/2009     USD     7.75
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    4.00   8/11/2010     USD     4.70
Lehman Brothers Tre    4.50   7/24/2014     EUR     4.70
Lehman Brothers Tre    7.50   5/30/2010     AUD     7.75
Lehman Brothers Tre    4.30    6/4/2012     USD     7.75
Lehman Brothers Tre    4.00    6/5/2011     USD     7.75
Lehman Brothers Tre    4.00  10/12/2010     USD     7.75
KPNQwest NV            7.13    6/1/2009     EUR     0.37
Comune di Ferentino    0.24  12/28/2027     EUR    71.24
Glitnir HF             6.84  12/15/2015     EUR     0.02
Lehman Brothers Tre    4.00    1/4/2011     USD     7.75
Lehman Brothers Tre    9.30  12/21/2010     EUR     7.75
Lehman Brothers Tre    8.00  12/31/2010     USD     7.75
Lehman Brothers Tre    9.00   6/13/2009     USD     7.75
Lehman Brothers Tre    7.00  11/28/2008     CHF     7.75
Lehman Brothers Tre    7.38   9/20/2008     EUR     7.75
Lehman Brothers Tre    3.85   4/24/2009     USD     7.75
Lehman Brothers Tre    7.25   10/6/2008     EUR     7.75
Lehman Brothers Tre   10.50    8/9/2010     EUR     7.75
Lehman Brothers Tre    5.25    7/8/2014     EUR     7.75
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    2.30    6/6/2013     USD     7.75
Lehman Brothers Tre   11.00    5/9/2020     USD     4.70
Kaupthing Bank Hf      1.75    6/7/2016     EUR    13.50
Lehman Brothers Tre    1.50  10/12/2010     EUR     4.70
ECM Real Estate Inv    5.00   10/9/2011     EUR    10.38
Lehman Brothers Tre    8.00  10/23/2008     USD     7.75
Lehman Brothers Tre    8.50    7/6/2009     CHF     7.75
Glitnir HF             6.31   7/28/2011     USD    11.88
Glitnir HF             6.31   7/28/2011     USD    11.88
Oberoesterreichisch    0.51   11/6/2030     EUR    74.50
Lehman Brothers Tre    8.80  12/27/2009     EUR     7.75
Lehman Brothers Tre   13.00   2/16/2009     CHF     7.75
Lehman Brothers Tre    7.00   2/15/2010     CHF     7.75
Lehman Brothers Tre    7.75   1/30/2009     EUR     7.75
City of Hunedoara R    2.43   8/15/2026     RON    56.32
Lehman Brothers Tre   11.00   2/16/2009     CHF     7.75
Lehman Brothers Tre   10.00   2/16/2009     CHF     7.75
Lehman Brothers Tre    5.75   6/15/2009     CHF     7.75
Lehman Brothers Tre    7.50  10/24/2008     USD     7.75
Lehman Brothers Tre   10.00   3/27/2009     USD     4.70
Lehman Brothers Tre    5.00  10/24/2008     CHF     7.75
Lehman Brothers Tre    7.00   4/14/2009     EUR     7.75
Lehman Brothers Tre    0.25   7/21/2014     EUR     4.70
Lehman Brothers Tre    7.63   7/22/2011     HKD     7.75
Lehman Brothers Tre    8.00    8/3/2009     USD     7.75
Glitnir HF             5.86   7/28/2016     GBP    11.88
Lehman Brothers Tre    0.50    8/1/2020     EUR     7.75
Lehman Brothers Tre    6.00    8/7/2013     EUR     4.70
Glitnir HF             5.24  12/22/2010     USD    11.88
Lehman Brothers Tre    8.05  12/20/2010     HKD     7.75
Lehman Brothers Tre    7.60    3/4/2010     NZD     7.75
Lehman Brothers Tre   17.00    6/2/2009     USD     7.75
Lehman Brothers Tre   13.50    6/2/2009     USD     7.75
Lehman Brothers Tre    4.82  12/18/2036     EUR     7.75
Lehman Brothers Tre    5.25    4/1/2023     EUR     7.75
Kaupthing Bank Hf      5.00    1/4/2027     SKK    13.50
Lehman Brothers Tre   12.40   6/12/2009     USD     7.75
Lehman Brothers Tre    8.00   3/19/2012     USD     4.70
Lehman Brothers Tre    4.00  11/24/2016     EUR     4.70
Lehman Brothers Tre    7.05    4/8/2015     USD     4.70
Lehman Brothers Tre    7.80   3/31/2018     USD     4.70
Lehman Brothers Tre    7.15   3/21/2013     USD     4.70
Glitnir HF             6.00  12/10/2009     ISK     0.02
Glitnir HF             6.20  12/20/2009     ISK     0.02
Glitnir HF             5.00    2/1/2011     ISK    11.88
Glitnir HF             5.25  10/23/2011     ISK    11.88
Glitnir HF             5.00    2/1/2016     ISK    11.88
LBI HF                 7.00    4/2/2010     EUR     4.20
Comune di Comezzano    0.34   6/30/2030     EUR    65.51
Lehman Brothers Tre    4.05   9/16/2008     EUR     4.70
Lehman Brothers Tre    7.60   1/31/2013     AUD     7.75
Lehman Brothers Tre    5.50   6/22/2010     USD     4.70
Lehman Brothers Tre    3.50   6/20/2011     EUR     4.70
Glitnir HF             6.00    8/1/2010     ISK    11.88
Kaupthing Bank Hf      7.00   7/24/2009     ISK    13.50
Kaupthing Bank Hf      8.00   6/22/2011     ISK     0.00
LBI HF                 8.65    5/1/2011     ISK     4.20
Lehman Brothers Tre    7.50   2/14/2010     AUD     7.75
Lehman Brothers Tre    2.50  12/15/2011     GBP     7.75
Lehman Brothers Tre    9.50    4/1/2018     USD     4.70
SG Option Europe SA    6.00    1/9/2015     EUR    71.41
Lehman Brothers Tre    8.00   3/21/2018     USD     4.70
Kaupthing Bank Hf      7.63   2/28/2015     USD    13.50
Lehman Brothers Tre    9.00    5/6/2011     CHF     7.75
Lehman Brothers Tre   10.60   4/22/2014     MXN     4.70
Lehman Brothers Tre   16.00   11/9/2008     USD     7.75
Kaupthing Bank Hf      7.70   10/2/2011     EUR    13.50
Lehman Brothers Tre    5.00   3/13/2009     EUR     4.70
Kaupthing Bank Hf      7.50   10/2/2010     EUR    13.50
Lehman Brothers Tre   13.00  12/14/2012     USD     4.70
Lehman Brothers Tre   10.00   5/22/2009     USD     7.75
Lehman Brothers Tre    8.00   5/22/2009     USD     7.75
Comune di Bovegno      0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    5.00   2/15/2018     EUR     4.70
Kaupthing Bank Hf      0.95  10/20/2010     JPY    13.50
Lehman Brothers Tre    3.00   9/12/2036     JPY    29.88
Lehman Brothers Tre   16.20   5/14/2009     USD     7.75
Lehman Brothers Tre    4.60    8/1/2013     EUR     4.70
Lehman Brothers Tre    3.00    6/3/2010     EUR     4.70
Lehman Brothers Tre    7.60   5/21/2013     USD     4.70
Lehman Brothers Tre   10.00   6/17/2009     USD     7.75
Lehman Brothers Tre    5.12   4/30/2027     EUR     7.75
Lehman Brothers Tre    1.50    2/8/2012     CHF     4.70
Synergy Classic Via    2.00    8/2/2015     USD    52.92
Lehman Brothers Tre    0.01   9/20/2011     USD     4.70
Kaupthing Bank Hf      4.53   4/24/2012     EUR    13.50
Lehman Brothers Tre    4.10   8/23/2010     USD     7.75
Oravita City Counci    3.88   6/15/2027     RON    40.02
Lehman Brothers Tre    5.00   4/24/2017     EUR     4.70
LBI HF                 3.34   5/11/2012     EUR     4.20
Lehman Brothers Tre    8.00  12/27/2032     JPY     4.70
Lehman Brothers Tre    7.39    5/4/2017     USD     4.70
Cooperatieve Centra    0.50  12/29/2027     MXN    44.42
Agrokompleks OOO      12.50  12/10/2015     RUB    60.20
Lehman Brothers Tre    3.50  10/31/2011     USD     4.70
Lehman Brothers Tre    3.50  10/24/2011     USD     4.70
Comune di Nervesa d    0.39   1/31/2027     EUR    73.96
Lehman Brothers Tre    7.25   6/20/2010     USD     4.70
Lehman Brothers Tre    7.00   9/20/2011     USD     4.70
Lehman Brothers Tre    0.25  10/19/2012     CHF     4.70
Lehman Brothers Tre    0.50    6/2/2020     EUR     7.75
Lehman Brothers Tre   12.00    7/4/2011     EUR     7.75
Lehman Brothers Tre    5.50    7/8/2013     EUR     4.70
Lehman Brothers Tre    6.00   2/14/2012     EUR     7.75
Kaupthing Bank Hf      4.95    5/6/2009     EUR    13.50
Lehman Brothers Tre   13.43    1/8/2009     ILS     7.75
Lehman Brothers Tre    6.00   5/12/2017     EUR     4.70
Lehman Brothers Tre    6.60   2/22/2012     EUR     7.75
Lehman Brothers Tre    6.75    4/5/2012     EUR     4.70
Lehman Brothers Tre   11.00    7/4/2011     USD     7.75
Lehman Brothers Tre   16.00  12/26/2008     USD     7.75
Lehman Brothers Tre    4.10   2/19/2010     EUR     4.70
Lehman Brothers Tre    3.10    6/4/2010     USD     7.75
Lehman Brothers Tre    1.68    3/5/2015     EUR     4.70
LBI HF                 4.28  11/19/2010     EUR     4.20
LBI HF                 4.34    3/1/2011     EUR     4.20
Lehman Brothers Tre    5.00   2/28/2032     EUR     4.70
Lehman Brothers Tre    3.45   5/23/2013     USD     4.70
Svensk Exportkredit    0.50   8/25/2021     ZAR    59.39
Lehman Brothers Tre    5.25  11/21/2009     USD     4.70
Lehman Brothers Tre   15.00    6/4/2009     CHF     7.75
City of Hunedoara R    2.43   8/15/2026     RON    73.00
Lehman Brothers Tre    5.38    2/4/2014     USD     4.70
Lehman Brothers Tre    6.72  12/29/2008     EUR     4.55
Lehman Brothers Tre    7.06  12/29/2008     EUR     4.56
Lehman Brothers Tre    2.50   8/15/2012     CHF     4.70
Lehman Brothers Tre    5.50  11/30/2012     CZK     4.70
Lehman Brothers Tre    6.00  10/30/2012     USD     7.75
Lehman Brothers Tre   16.00   10/8/2008     CHF     7.75
Lehman Brothers Tre    5.50   6/15/2009     CHF     7.75
Lehman Brothers Tre    1.00   2/26/2010     USD     4.70
LBI HF                 2.75   3/16/2011     EUR     4.20
Lehman Brothers Tre   10.00  10/23/2008     USD     7.75
Lehman Brothers Tre    6.60   5/23/2012     AUD     7.75
Lehman Brothers Tre   16.00  10/28/2008     USD     7.75
Kaupthing Bank Hf      4.50   1/17/2011     EUR    13.50
Lehman Brothers Tre    7.75   2/21/2016     EUR     4.70
Lehman Brothers Tre    7.50   9/13/2009     CHF     7.75
City of Predeal Rom    2.50   5/15/2026     RON    60.00
Lehman Brothers Tre    6.85  12/22/2008     EUR     4.70
Barclays Bank PLC      0.50   3/26/2021     MXN    71.84
HSBC Bank PLC          0.50   4/11/2023     MXN    64.64
Societe Generale SA    0.50   4/30/2023     RUB    50.96
Municipality Financ    0.50   5/31/2022     ZAR    50.22
Municipality Financ    0.50    2/7/2018     BRL    71.90
HSBC Bank PLC          0.50   7/30/2027     NZD    55.28
Oesterreichische Vo    3.78   7/21/2033     EUR    71.13
EFG International F    6.00  11/30/2017     EUR    54.95
Leonteq Securities     6.25  11/13/2015     CHF    56.92
Leonteq Securities     7.60  11/20/2015     USD    37.84
e-Kancelaria Grupa     9.00  10/25/2016     PLN    70.10
Municipality Financ    0.50   7/30/2029     AUD    66.05
Municipality Financ    0.50   1/10/2018     BRL    72.48
Municipality Financ    0.50   4/26/2022     ZAR    50.81
Lehman Brothers Tre    2.40   6/20/2011     JPY     4.70
Lehman Brothers Tre    1.60   6/21/2010     JPY     4.70
Lehman Brothers Tre    4.20   12/3/2008     HKD     4.70
HSBC Bank PLC          0.50    2/2/2023     AUD    70.23
UBS AG                10.75  12/29/2015     EUR    62.27
UBS AG                14.25   6/26/2015     EUR    53.63
Leonteq Securities     5.65   5/27/2015     CHF    56.55
Zurcher Kantonalban    4.51   1/25/2016     CHF    56.30
UniCredit Bank AG      5.25   2/26/2016     EUR    66.56
EFG International F   12.86  10/30/2017     EUR    70.18
Barclays Bank PLC      3.50   12/7/2015     EUR    58.69
Leonteq Securities    14.25   2/13/2015     USD    38.03
UBS AG                 7.10   7/22/2015     EUR    66.31
UBS AG                21.00  12/29/2015     EUR    70.62
UBS AG                21.00   3/27/2015     EUR    74.53
UBS AG                23.75   3/27/2015     EUR    58.07
UBS AG                15.75   3/27/2015     EUR    67.65
UBS AG                20.00   9/25/2015     EUR    63.87
UBS AG                23.75   9/25/2015     EUR    67.05
UBS AG                22.25   6/26/2015     EUR    67.97
UBS AG                17.25  12/29/2015     EUR    74.56
UBS AG                21.75   9/25/2015     EUR    69.15
UBS AG                19.00   9/25/2015     EUR    64.56
UBS AG                12.50  12/29/2015     EUR    73.19
UBS AG                22.00   3/27/2015     EUR    58.94
UBS AG                23.00   6/26/2015     EUR    59.60
UBS AG                13.50   9/25/2015     EUR    70.68
UBS AG                15.00  12/29/2015     EUR    70.27
UBS AG                24.75   6/26/2015     EUR    65.05
UBS AG                23.50   9/25/2015     EUR    72.37
UBS AG                19.50   9/25/2015     EUR    71.63
UBS AG                17.00   9/25/2015     EUR    74.59
UBS AG                19.25   3/27/2015     EUR    62.20
UBS AG                21.50   6/26/2015     EUR    60.92
UBS AG                15.00   3/27/2015     EUR    67.38
UBS AG                13.50  12/29/2015     EUR    71.34
UBS AG                13.50  12/29/2015     EUR    72.39
UBS AG                21.75  12/29/2015     EUR    63.82
UBS AG                22.25   9/25/2015     EUR    73.75
UBS AG                23.00   3/27/2015     EUR    74.64
UBS AG                21.25   3/27/2015     EUR    60.83
UBS AG                20.75   6/26/2015     EUR    62.08
UBS AG                13.00   9/25/2015     EUR    72.70
UBS AG                24.50   9/25/2015     EUR    60.08
UBS AG                16.50  12/29/2015     EUR    68.53
UBS AG                22.75   6/26/2015     EUR    74.02
UBS AG                21.75   3/27/2015     EUR    67.81
UBS AG                18.00  12/29/2015     EUR    66.57
UBS AG                19.25   6/26/2015     EUR    63.24
UBS AG                15.00   9/25/2015     EUR    68.89
UBS AG                17.00  12/29/2015     EUR    67.61
UBS AG                16.75   6/26/2015     EUR    65.93
Vontobel Financial     3.00   1/23/2015     EUR    62.60
Vontobel Financial    21.85   3/27/2015     EUR    71.03
Vontobel Financial     5.05   6/26/2015     EUR    73.26
Vontobel Financial     6.75   3/13/2015     EUR    63.99
Vontobel Financial     8.95   3/13/2015     EUR    61.09
BNP Paribas Emissio    4.50   3/26/2015     EUR    71.67
BNP Paribas Emissio    6.00   3/26/2015     EUR    67.86
BNP Paribas Emissio    8.00   3/26/2015     EUR    64.61
BNP Paribas Emissio    5.00   6/25/2015     EUR    71.43
BNP Paribas Emissio    5.50   6/25/2015     EUR    67.68
BNP Paribas Emissio    7.00   6/25/2015     EUR    64.80
UniCredit Bank AG      5.80   6/26/2015     EUR    74.01
UniCredit Bank AG      5.50   6/26/2015     EUR    58.73
Province of Treviso    0.40  12/31/2034     EUR    60.10
Lehman Brothers Tre    3.82  10/20/2009     USD     7.75
LBI HF                 2.22  10/15/2019     JPY     4.20
Glitnir HF             3.00  12/15/2009     EUR    11.88
Lehman Brothers Tre    2.75  10/28/2009     EUR     4.70
Leonteq Securities     4.50    4/4/2016     EUR    48.38
UniCredit Bank AG      4.90   2/26/2015     EUR    65.78
UBS AG                12.75   6/26/2015     EUR    69.86
UniCredit Bank AG      5.00   2/26/2015     EUR    61.27
UniCredit Bank AG      4.80   2/26/2015     EUR    59.56
UniCredit Bank AG      4.00   2/26/2015     EUR    60.95
UniCredit Bank AG      4.00   2/26/2015     EUR    71.14
UniCredit Bank AG      6.00   2/26/2015     EUR    56.96
UniCredit Bank AG      5.50   2/26/2015     EUR    64.45
UniCredit Bank AG      4.60   2/26/2015     EUR    66.49
UniCredit Bank AG      6.50   2/26/2015     EUR    72.76
UniCredit Bank AG     12.00   2/26/2015     EUR    74.01
UniCredit Bank AG      5.80   2/26/2015     EUR    63.77
Raiffeisen Centroba    8.28   1/21/2015     EUR    63.55
UniCredit Bank AG      4.00   2/26/2015     EUR    67.96
Commerzbank AG         4.80   6/25/2015     EUR    71.09
DZ Bank AG Deutsche    6.25   1/23/2015     EUR    72.60
DZ Bank AG Deutsche    5.50   1/23/2015     EUR    62.08
DZ Bank AG Deutsche    5.00   1/23/2015     EUR    63.35
Vontobel Financial    13.20   1/16/2015     EUR    69.18
DZ Bank AG Deutsche    8.75   5/22/2015     EUR    73.68
UniCredit Bank AG      6.00   2/26/2015     EUR    74.67
UniCredit Bank AG      6.10   2/26/2015     EUR    62.45
UBS AG                23.75  12/29/2015     EUR    71.69
UBS AG                23.50   9/25/2015     EUR    72.95
UBS AG                23.00  12/29/2015     EUR    57.44
UBS AG                23.25  12/29/2015     EUR    73.82
UBS AG                22.50   3/27/2015     EUR    70.75
UBS AG                21.25   3/29/2016     EUR    66.39
UBS AG                23.00   6/26/2015     EUR    72.83
UBS AG                21.50   9/25/2015     EUR    74.47
DZ Bank AG Deutsche    7.25   1/16/2015     EUR    62.02
DZ Bank AG Deutsche    9.00   1/16/2015     EUR    62.07
DZ Bank AG Deutsche    7.00   7/10/2015     EUR    64.10
DZ Bank AG Deutsche    8.00   7/10/2015     EUR    64.61
UBS AG                18.50   3/27/2015     EUR    67.68
Vontobel Financial     9.00   4/24/2015     EUR    74.10
UBS AG                25.00   9/25/2015     EUR    71.43
UBS AG                24.25  12/29/2015     EUR    72.18
UBS AG                21.00   3/27/2015     EUR    65.46
UBS AG                13.75   3/29/2016     EUR    71.15
UBS AG                22.75   6/26/2015     EUR    70.99
UBS AG                24.75   9/25/2015     EUR    69.83
DZ Bank AG Deutsche    4.25    2/6/2015     EUR    73.39
UBS AG                21.75   3/27/2015     EUR    74.71
UBS AG                10.50   3/29/2016     EUR    74.58
DZ Bank AG Deutsche    6.00   1/23/2015     EUR    64.32
DZ Bank AG Deutsche    7.50   1/23/2015     EUR    62.13
DZ Bank AG Deutsche    7.00   3/27/2015     EUR    63.31
DekaBank Deutsche G    4.90   6/11/2015     EUR    64.73
Bank Julius Baer &     7.25    4/1/2015     CHF    50.95
DZ Bank AG Deutsche    8.00   1/23/2015     EUR    71.97
DZ Bank AG Deutsche   18.00   1/23/2015     EUR    70.62
DZ Bank AG Deutsche    6.00   1/23/2015     EUR    67.23
DZ Bank AG Deutsche    7.75   1/23/2015     EUR    73.57
BNP Paribas Emissio   11.00   3/26/2015     EUR    71.35
BNP Paribas Emissio    4.00   3/26/2015     EUR    63.54
BNP Paribas Emissio    5.50   3/26/2015     EUR    59.96
BNP Paribas Emissio    7.50   3/26/2015     EUR    56.94
BNP Paribas Emissio   10.00   3/26/2015     EUR    54.41
BNP Paribas Emissio   10.00   3/26/2015     EUR    73.42
BNP Paribas Emissio    9.00   3/26/2015     EUR    73.19
BNP Paribas Emissio   13.00   3/26/2015     EUR    67.77
BNP Paribas Emissio    3.50   3/26/2015     EUR    66.53
BNP Paribas Emissio    6.00   3/26/2015     EUR    60.55
BNP Paribas Emissio    9.50   3/26/2015     EUR    55.93
BNP Paribas Emissio   16.50   3/26/2015     EUR    73.03
BNP Paribas Emissio    7.50   3/26/2015     EUR    72.69
BNP Paribas Emissio   12.50   3/26/2015     EUR    66.71
BNP Paribas Emissio    8.00   3/26/2015     EUR    45.20
BNP Paribas Emissio   11.00   3/26/2015     EUR    40.43
BNP Paribas Emissio   15.00   3/26/2015     EUR    37.07
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    73.90
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    71.46
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    66.21
HSBC Trinkaus & Bur   10.50   6/26/2015     EUR    70.19
HSBC Trinkaus & Bur    7.50   6/26/2015     EUR    73.49
HSBC Trinkaus & Bur    9.50   1/23/2015     EUR    69.76
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    69.74
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    74.04
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    71.41
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    68.12
HSBC Trinkaus & Bur    8.50   6/26/2015     EUR    69.62
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    69.82
DZ Bank AG Deutsche    6.00   3/27/2015     EUR    64.22
Goldman Sachs & Co     7.00   2/25/2015     EUR    64.08
Goldman Sachs & Co     9.00   2/25/2015     EUR    61.58
Goldman Sachs & Co    11.00   2/25/2015     EUR    59.31
Goldman Sachs & Co    13.00   2/25/2015     EUR    71.72
DZ Bank AG Deutsche    5.80   3/13/2015     EUR    74.05
DZ Bank AG Deutsche    5.50   6/12/2015     EUR    73.90
UniCredit Bank AG      4.00   2/26/2015     EUR    75.00
UniCredit Bank AG      5.20   2/26/2015     EUR    72.36
UniCredit Bank AG      4.00   2/26/2015     EUR    63.37
UniCredit Bank AG      4.50   2/26/2015     EUR    74.69
UniCredit Bank AG      5.45   2/26/2015     EUR    58.95
Commerzbank AG         9.25   4/23/2015     EUR    73.83
DZ Bank AG Deutsche    5.75   1/16/2015     EUR    73.85
Notenstein Privatba   11.30   6/10/2015     CHF    68.68
Notenstein Privatba    9.70   5/11/2015     EUR    73.27
UBS AG                14.25   6/26/2015     EUR    62.11
DZ Bank AG Deutsche    4.90   9/11/2015     EUR    74.71
UniCredit Bank AG      4.40   2/26/2015     EUR    74.09
UniCredit Bank AG      4.80   2/26/2015     EUR    73.21
UBS AG                10.75   6/26/2015     EUR    62.73
UniCredit Bank AG      6.00   2/26/2015     EUR    70.75
UBS AG                10.75  12/29/2015     EUR    61.00
UniCredit Bank AG      4.60   2/26/2015     EUR    61.82
UniCredit Bank AG      5.85   2/26/2015     EUR    57.60
UniCredit Bank AG      4.30   2/26/2015     EUR    62.59
UniCredit Bank AG      6.25   2/26/2015     EUR    69.91
Zurcher Kantonalban   12.00   7/23/2015     CHF    56.57
UBS AG                 9.25   6/26/2015     EUR    69.48
UBS AG                 7.75   6/26/2015     EUR    72.76
UBS AG                12.50   6/26/2015     EUR    64.20
UBS AG                10.75   6/26/2015     EUR    66.60
BNP Paribas Emissio    6.00   7/23/2015     EUR    72.31
Bank Julius Baer &     8.85   9/25/2015     CHF    57.65
Bank Julius Baer &     7.00   10/2/2015     USD    65.95
Bank Julius Baer &    13.90   10/2/2015     USD    71.70
Banque Cantonale Va   15.40   3/25/2015     USD    72.49
Leonteq Securities    11.20  12/29/2015     CHF    59.57
EFG International F    1.55   4/29/2015     EUR    45.44
DZ Bank AG Deutsche    7.50    3/6/2015     EUR    59.67
DZ Bank AG Deutsche    6.75   2/13/2015     EUR    68.11
Vontobel Financial    16.50   1/16/2015     EUR    59.85
Vontobel Financial     5.45   3/13/2015     EUR    73.39
Vontobel Financial    12.60   3/13/2015     EUR    63.71
Vontobel Financial     5.55   6/12/2015     EUR    73.37
Vontobel Financial     6.25   6/12/2015     EUR    71.94
Commerzbank AG         8.50   2/26/2015     EUR    67.37
BNP Paribas Emissio    7.00   1/22/2015     EUR    74.88
UBS AG                14.75   6/26/2015     EUR    69.74
DZ Bank AG Deutsche   11.00   1/23/2015     EUR    70.66
DZ Bank AG Deutsche   11.50   1/23/2015     EUR    73.67
Banque Cantonale Va   13.10   7/21/2015     CHF    63.66
Vontobel Financial     7.40   3/27/2015     EUR    70.63
Vontobel Financial     8.35   6/26/2015     EUR    70.81
Vontobel Financial     5.30   6/26/2015     EUR    73.37
Zurcher Kantonalban    5.60  11/18/2015     USD    74.81
Credit Suisse AG/Na    8.38  10/15/2015     USD    69.40
DZ Bank AG Deutsche   16.00   9/25/2015     EUR    54.08
DZ Bank AG Deutsche    2.90   3/23/2015     EUR    65.81
DZ Bank AG Deutsche    4.20   3/23/2015     EUR    64.21
DZ Bank AG Deutsche    7.80   3/23/2015     EUR    61.49
DZ Bank AG Deutsche    1.70   3/23/2015     EUR    66.29
DZ Bank AG Deutsche    4.10   3/23/2015     EUR    63.37
DZ Bank AG Deutsche    7.90   3/23/2015     EUR    61.07
DZ Bank AG Deutsche    2.10   9/23/2015     EUR    71.01
DZ Bank AG Deutsche    3.50   9/23/2015     EUR    68.76
DZ Bank AG Deutsche    5.40   9/23/2015     EUR    67.10
DZ Bank AG Deutsche    2.10  12/23/2015     EUR    72.81
DZ Bank AG Deutsche    3.30  12/23/2015     EUR    70.79
DZ Bank AG Deutsche    4.80  12/23/2015     EUR    69.26
DZ Bank AG Deutsche    5.20   3/23/2015     EUR    56.43
DZ Bank AG Deutsche    3.20   3/23/2015     EUR    53.50
DZ Bank AG Deutsche    5.70   9/23/2015     EUR    65.56
DZ Bank AG Deutsche    5.70   9/23/2015     EUR    62.85
DZ Bank AG Deutsche    4.60   9/23/2015     EUR    59.54
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    68.39
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    65.68
DZ Bank AG Deutsche    4.40  12/23/2015     EUR    62.47
DZ Bank AG Deutsche    2.40   9/23/2015     EUR    71.76
DZ Bank AG Deutsche    3.90   9/23/2015     EUR    69.29
DZ Bank AG Deutsche    5.80   9/23/2015     EUR    67.35
DZ Bank AG Deutsche    2.20  12/23/2015     EUR    74.01
DZ Bank AG Deutsche    3.50  12/23/2015     EUR    71.81
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    70.10
DZ Bank AG Deutsche    4.30   3/23/2015     EUR    56.18
DZ Bank AG Deutsche    2.60   9/23/2015     EUR    63.61
DZ Bank AG Deutsche    3.10   9/23/2015     EUR    61.33
DZ Bank AG Deutsche    4.80   9/23/2015     EUR    62.29
DZ Bank AG Deutsche    2.70  12/23/2015     EUR    65.76
DZ Bank AG Deutsche    4.60  12/23/2015     EUR    64.97
DZ Bank AG Deutsche    3.20  12/23/2015     EUR    63.37
DZ Bank AG Deutsche    6.40   3/23/2015     EUR    59.43
JP Morgan Structure   12.20   9/30/2015     USD    65.60
UBS AG/London         23.75  12/29/2015     EUR    74.74
UBS AG/London         21.75   6/26/2015     EUR    74.86
UBS AG/London         14.50   6/26/2015     EUR    68.06
UBS AG/London         24.75   9/25/2015     EUR    72.51
UBS AG/London         21.75  12/29/2015     EUR    74.71
UBS AG/London          9.00  12/29/2015     EUR    58.07
UBS AG/London         14.75   9/25/2015     EUR    61.16
HSBC Trinkaus & Bur   20.00   3/27/2015     EUR    73.91
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    69.23
HSBC Trinkaus & Bur    9.50   4/24/2015     EUR    63.47
HSBC Trinkaus & Bur    8.50   8/28/2015     EUR    65.64
DZ Bank AG Deutsche   13.00   3/27/2015     EUR    65.38
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.78
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    74.72
HSBC Trinkaus & Bur    6.50   7/24/2015     EUR    73.27
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    72.02
HSBC Trinkaus & Bur   12.00   3/27/2015     EUR    61.08
HSBC Trinkaus & Bur   11.00   6/26/2015     EUR    63.35
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    62.84
HSBC Trinkaus & Bur    8.50   7/24/2015     EUR    64.98
Commerzbank AG         8.00   2/26/2015     EUR    70.52
Bank Julius Baer &     7.10    7/8/2015     CHF    47.90
Bank Julius Baer &    10.20   10/7/2015     CHF    68.20
Leonteq Securities     9.00    4/8/2016     USD    39.74
Commerzbank AG        20.50   9/24/2015     EUR    74.26
Commerzbank AG        23.75   9/24/2015     EUR    71.64
Commerzbank AG        26.75   9/24/2015     EUR    69.03
Raiffeisen Centroba   10.63   1/20/2016     EUR    72.39
Raiffeisen Centroba   25.04   1/21/2015     EUR    73.75
Raiffeisen Centroba   20.68   7/22/2015     EUR    73.71
UniCredit Bank AG      5.00  10/22/2015     EUR    71.72
UniCredit Bank AG      4.50  10/22/2015     EUR    72.87
UBS AG/London         11.75  11/12/2015     CHF    69.86
Bank Julius Baer &    10.60   10/9/2015     USD    59.95
Leonteq Securities    13.40   1/14/2016     CHF    72.84
Zurcher Kantonalban    7.02   10/9/2015     CHF    63.45
Leonteq Securities     6.00    1/7/2016     EUR    36.83
Bank Julius Baer &     8.60    1/7/2015     CHF    38.10
Leonteq Securities     6.20   7/15/2016     EUR    67.89
LBBW                   4.50   2/27/2015     EUR    73.74
Societe Generale Ef    4.00   6/26/2017     EUR    49.27
Raiffeisen Centroba    5.83   1/21/2015     EUR    71.25
Raiffeisen Centroba    7.45   1/21/2015     EUR    73.75
Raiffeisen Centroba    7.97   1/21/2015     EUR    74.60
Raiffeisen Centroba    7.94   1/21/2015     EUR    71.75
Bank Julius Baer &     8.20   9/23/2015     CHF    57.50
Leonteq Securities    15.20   12/2/2015     CHF    59.62
Credit Suisse AG/Na   10.25   8/28/2015     USD    73.82
Commerzbank AG         6.00   8/27/2015     EUR    71.12
Commerzbank AG         9.25   8/27/2015     EUR    70.30
Commerzbank AG        11.75   8/27/2015     EUR    69.14
Notenstein Privatba    7.20    9/3/2015     EUR    63.73
Leonteq Securities    12.00  12/15/2015     CHF    63.76
Credit Suisse AG/Na    8.00   3/16/2016     USD    66.02
Bank Julius Baer &    10.70   9/16/2015     CHF    67.70
HSBC Trinkaus & Bur   15.00   3/27/2015     EUR    66.85
UBS AG/London         22.50   3/27/2015     EUR    73.72
Bank Julius Baer &     7.70   2/11/2015     CHF    50.75
UniCredit Bank AG      4.25   8/14/2015     EUR    61.16
UBS AG/London          5.00    8/6/2015     USD    58.87
DZ Bank AG Deutsche    5.75   8/28/2015     EUR    74.24
DZ Bank AG Deutsche    9.50   8/28/2015     EUR    69.12
Bank Julius Baer &    11.50   8/19/2015     CHF    67.75
Leonteq Securities    13.00    9/2/2015     CHF    57.72
UBS AG/London         12.75   8/20/2015     CHF    71.56
Notenstein Privatba    9.10   8/29/2016     CHF    63.35
Credit Suisse AG/Lo   11.00   8/28/2015     USD    45.72
Bank Julius Baer &     7.00   8/28/2015     USD    61.95
Commerzbank AG        15.75   4/23/2015     EUR    64.29
Commerzbank AG        25.50   4/23/2015     EUR    54.60
Commerzbank AG        13.00   5/21/2015     EUR    68.29
Commerzbank AG        17.50   5/21/2015     EUR    52.30
Commerzbank AG        12.00   6/25/2015     EUR    72.01
Commerzbank AG        23.25   6/25/2015     EUR    57.72
Commerzbank AG        24.25   7/23/2015     EUR    57.60
UBS AG/London          6.50   11/5/2015     USD    73.99
DZ Bank AG Deutsche    7.75   7/24/2015     EUR    63.53
Commerzbank AG         7.50   6/25/2015     EUR    68.94
Commerzbank AG        16.25   6/25/2015     EUR    53.27
Commerzbank AG         8.00   7/23/2015     EUR    68.97
Commerzbank AG        11.75   7/23/2015     EUR    60.51
Commerzbank AG        16.00   7/23/2015     EUR    54.25
Commerzbank AG        11.75   3/26/2015     EUR    72.17
Commerzbank AG        11.50   4/23/2015     EUR    72.24
Commerzbank AG        14.25   4/23/2015     EUR    69.93
Commerzbank AG         9.25   5/21/2015     EUR    74.12
Commerzbank AG        11.50   5/21/2015     EUR    71.82
Commerzbank AG        12.00   6/25/2015     EUR    74.26
Commerzbank AG        12.75   7/23/2015     EUR    73.42
Raiffeisen Centroba    8.47   7/22/2015     EUR    74.60
Raiffeisen Centroba   10.59   7/22/2015     EUR    71.16
Raiffeisen Centroba    6.95   1/20/2016     EUR    71.80
Raiffeisen Centroba    6.95   1/20/2016     EUR    67.16
UBS AG/London          7.50   8/13/2015     CHF    52.35
Credit Suisse AG/Na    8.50   2/29/2016     USD    64.22
Leonteq Securities    20.00   12/8/2015     USD    72.16
Notenstein Privatba   10.00    9/5/2016     CHF    63.40
UBS AG/London         13.75   8/27/2015     CHF    70.74
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    66.88
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    66.38
HSBC Trinkaus & Bur    8.40   9/25/2015     EUR    68.02
HSBC Trinkaus & Bur    7.80   9/25/2015     EUR    67.57
HSBC Trinkaus & Bur    7.10   9/25/2015     EUR    67.05
HSBC Trinkaus & Bur    7.90  12/28/2015     EUR    69.18
HSBC Trinkaus & Bur    7.50  12/28/2015     EUR    68.77
HSBC Trinkaus & Bur    7.00  12/28/2015     EUR    68.27
HSBC Trinkaus & Bur    5.90  12/28/2015     EUR    67.16
Leonteq Securities     6.00   9/29/2015     EUR    72.64
UBS AG/London         11.25   8/27/2015     CHF    55.29
Commerzbank AG        10.25   8/27/2015     EUR    69.44
Commerzbank AG        11.00   8/27/2015     EUR    70.67
Commerzbank AG        14.00   8/27/2015     EUR    66.34
Commerzbank AG        17.25   8/27/2015     EUR    62.22
Commerzbank AG        20.50   8/27/2015     EUR    59.02
Commerzbank AG        23.75   8/27/2015     EUR    56.40
Bank Julius Baer &     7.40    9/9/2015     CHF    53.75
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    54.06
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    43.15
HSBC Trinkaus & Bur    6.30   3/27/2015     EUR    70.47
HSBC Trinkaus & Bur    6.90   6/26/2015     EUR    71.70
HSBC Trinkaus & Bur    8.70   7/24/2015     EUR    70.21
HSBC Trinkaus & Bur   11.50   9/25/2015     EUR    68.43
HSBC Trinkaus & Bur    6.60   9/25/2015     EUR    72.41
HSBC Trinkaus & Bur    7.90  10/23/2015     EUR    71.10
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    67.58
UBS AG/London          5.50  10/29/2015     USD    74.32
UBS AG/London         12.35   11/3/2015     CHF    70.95
UBS AG/London          8.48   11/3/2015     CHF    67.80
Leonteq Securities     9.40  11/17/2015     CHF    74.43
Deutsche Bank AG       5.20   3/24/2015     EUR    74.00
UBS AG/London         10.00    7/2/2015     CHF    50.41
BNP Paribas Emissio    5.25   1/22/2015     EUR    71.71
BNP Paribas Emissio    6.50   6/25/2015     EUR    72.13
BNP Paribas Emissio    4.00   1/22/2015     EUR    70.47
BNP Paribas Emissio    5.00   5/21/2015     EUR    67.17
BNP Paribas Emissio    4.00   5/21/2015     EUR    70.51
Bank Julius Baer &    11.00   3/13/2015     USD    57.95
Goldman Sachs & Co    12.00   2/25/2015     EUR    64.77
Vontobel Financial    19.30   3/27/2015     EUR    73.96
HSBC Trinkaus & Bur   16.50   3/27/2015     EUR    74.04
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    63.18
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    74.90
Credit Suisse AG/Na    8.50   7/20/2015     USD    58.29
UBS AG/London         12.00    7/9/2015     CHF    54.33
Leonteq Securities     6.00   7/14/2015     USD    63.05
Deutsche Bank AG       4.20   6/22/2015     EUR    70.60
Deutsche Bank AG       5.20   6/22/2015     EUR    69.40
DZ Bank AG Deutsche    7.50   3/27/2015     EUR    73.05
DZ Bank AG Deutsche    6.00   3/27/2015     EUR    57.35
Deutsche Bank AG       7.20   6/22/2015     EUR    73.20
DZ Bank AG Deutsche    6.75   3/27/2015     EUR    69.71
Deutsche Bank AG       7.20   6/22/2015     EUR    68.30
Deutsche Bank AG       5.20   9/22/2015     EUR    68.60
DZ Bank AG Deutsche   10.50   3/27/2015     EUR    59.17
DZ Bank AG Deutsche   17.50   3/27/2015     EUR    29.27
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    57.65
Deutsche Bank AG       6.20   3/24/2015     EUR    73.50
Deutsche Bank AG       6.20   3/24/2015     EUR    68.40
Deutsche Bank AG       7.20   3/24/2015     EUR    68.60
Deutsche Bank AG       5.20  12/22/2015     EUR    69.70
Deutsche Bank AG       4.20   6/22/2015     EUR    75.00
Deutsche Bank AG       5.20   3/24/2015     EUR    73.30
Deutsche Bank AG       5.20   3/24/2015     EUR    68.20
Deutsche Bank AG       5.20   6/22/2015     EUR    67.40
Deutsche Bank AG       6.20   9/22/2015     EUR    69.30
Deutsche Bank AG       7.20   9/22/2015     EUR    70.00
Deutsche Bank AG       5.20   6/22/2015     EUR    72.20
Deutsche Bank AG       5.20   6/22/2015     EUR    72.80
Deutsche Bank AG       5.20   6/22/2015     EUR    71.10
Deutsche Bank AG       6.20   6/22/2015     EUR    73.20
Deutsche Bank AG       7.20   3/24/2015     EUR    73.70
Deutsche Bank AG       6.20   6/22/2015     EUR    69.90
Deutsche Bank AG       6.20   6/22/2015     EUR    72.70
Deutsche Bank AG       6.20   9/22/2015     EUR    74.00
Deutsche Bank AG       5.20   9/22/2015     EUR    73.30
Deutsche Bank AG       4.20   6/22/2015     EUR    72.30
Deutsche Bank AG       7.20   9/22/2015     EUR    74.70
Deutsche Bank AG       5.20  12/22/2015     EUR    74.30
Deutsche Bank AG       6.20   6/22/2015     EUR    67.80
Deutsche Bank AG       6.20   6/22/2015     EUR    71.50
Deutsche Bank AG       6.20  12/22/2015     EUR    70.60
Deutsche Bank AG       6.20   9/22/2015     EUR    68.90
Deutsche Bank AG       5.20   9/22/2015     EUR    65.60
Deutsche Bank AG       5.20   9/22/2015     EUR    74.30
Deutsche Bank AG       6.20   9/22/2015     EUR    75.00
Deutsche Bank AG       7.20   6/22/2015     EUR    74.40
Deutsche Bank AG       5.20   6/22/2015     EUR    73.40
Deutsche Bank AG       6.20   6/22/2015     EUR    73.90
HSBC Trinkaus & Bur    4.90   7/10/2015     EUR    74.13
UBS AG/London          7.00    7/9/2015     CHF    45.07
Commerzbank AG         6.00   6/25/2015     EUR    73.25
Commerzbank AG         6.00   6/25/2015     EUR    70.23
DZ Bank AG Deutsche    6.25   3/27/2015     EUR    74.38
DZ Bank AG Deutsche    5.50   7/24/2015     EUR    74.87
DZ Bank AG Deutsche    9.50   7/24/2015     EUR    62.32
JP Morgan Structure   28.50    5/7/2015     USD    70.92
UniCredit Bank AG      5.00   9/24/2015     EUR    74.56
Credit Suisse AG/Lo    7.00   8/14/2015     USD    70.50
Leonteq Securities     8.00   8/15/2016     CHF    70.20
Leonteq Securities     9.60  11/18/2015     CHF    73.34
UBS AG/London         14.50   6/26/2015     EUR    74.69
DZ Bank AG Deutsche   16.00   8/28/2015     EUR    40.29
Credit Suisse AG/Na    8.00    2/8/2016     USD    62.12
UBS AG/London          9.30   7/22/2015     EUR    73.21
DZ Bank AG Deutsche    5.25   9/11/2015     EUR    74.56
HSBC Trinkaus & Bur   19.00   3/27/2015     EUR    56.68
HSBC Trinkaus & Bur   13.00   9/25/2015     EUR    61.36
HSBC Trinkaus & Bur   10.00   9/25/2015     EUR    62.93
HSBC Trinkaus & Bur   10.00   2/27/2015     EUR    59.88
HSBC Trinkaus & Bur    9.00   7/24/2015     EUR    62.96
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    74.66
Commerzbank AG         9.25   7/23/2015     EUR    62.30
Commerzbank AG         7.00   7/23/2015     EUR    62.69
Commerzbank AG        10.00   7/23/2015     EUR    55.65
Commerzbank AG        13.00   7/23/2015     EUR    50.42
Commerzbank AG        16.25   7/23/2015     EUR    47.03
Commerzbank AG        19.75   7/23/2015     EUR    44.64
Commerzbank AG        23.25   7/23/2015     EUR    43.10
Zurcher Kantonalban   11.03    8/7/2015     CHF    57.20
Commerzbank AG         8.00   7/23/2015     EUR    73.07
Notenstein Privatba    4.00    2/1/2016     EUR    64.82
Vontobel Financial     5.05   7/10/2015     EUR    74.48
Vontobel Financial     7.20   7/10/2015     EUR    72.49
Vontobel Financial     9.60   7/10/2015     EUR    70.83
Banque Cantonale Va    6.00   7/15/2015     CHF    65.47
Commerzbank AG         5.00   1/22/2015     EUR    74.13
Commerzbank AG         8.50   1/22/2015     EUR    70.58
Commerzbank AG         5.00   2/26/2015     EUR    74.60
Commerzbank AG         8.00   2/26/2015     EUR    71.34
Commerzbank AG         5.00   3/26/2015     EUR    74.95
Commerzbank AG         7.50   3/26/2015     EUR    71.83
Commerzbank AG         5.00   4/23/2015     EUR    74.74
Commerzbank AG         7.25   4/23/2015     EUR    72.30
Commerzbank AG         6.25   5/21/2015     EUR    74.58
Commerzbank AG         8.75   5/21/2015     EUR    72.09
Commerzbank AG         8.25   6/25/2015     EUR    72.72
Commerzbank AG        11.00   6/25/2015     EUR    70.79
Commerzbank AG         8.50   6/25/2015     EUR    74.82
Commerzbank AG         7.00   6/25/2015     EUR    69.41
Commerzbank AG         9.00   5/21/2015     EUR    50.07
Commerzbank AG        16.50   5/21/2015     EUR    41.09
Commerzbank AG        20.50   5/21/2015     EUR    38.77
Commerzbank AG        24.75   5/21/2015     EUR    37.17
Commerzbank AG         6.25   6/25/2015     EUR    57.80
Commerzbank AG         9.25   6/25/2015     EUR    50.90
Commerzbank AG        12.50   6/25/2015     EUR    45.83
Commerzbank AG        16.50   6/25/2015     EUR    42.13
Commerzbank AG        19.75   6/25/2015     EUR    40.38
Commerzbank AG        23.50   6/25/2015     EUR    38.96
UBS AG/London         10.50   7/16/2015     CHF    54.62
UBS AG/London          7.00   7/16/2015     CHF    47.31
Credit Suisse AG/Na    8.00   1/29/2016     CHF    60.95
DZ Bank AG Deutsche    5.25   6/12/2015     EUR    73.66
Goldman Sachs & Co    13.00   1/21/2015     EUR    66.32
Goldman Sachs & Co     8.00   2/25/2015     EUR    74.41
Goldman Sachs & Co     9.00   4/22/2015     EUR    72.26
Goldman Sachs & Co    11.00   4/22/2015     EUR    69.53
Goldman Sachs & Co     9.00   6/24/2015     EUR    72.20
Goldman Sachs & Co    16.00   1/21/2015     EUR    70.71
Goldman Sachs & Co    10.00   9/23/2015     EUR    71.75
Goldman Sachs & Co    14.00   4/22/2015     EUR    74.15
BNP Paribas Emissio    6.50   3/26/2015     EUR    73.49
BNP Paribas Emissio   10.00   3/26/2015     EUR    69.17
BNP Paribas Emissio    7.00   6/25/2015     EUR    72.95
BNP Paribas Emissio   10.00   6/25/2015     EUR    69.53
HSBC Trinkaus & Bur   12.00   6/26/2015     EUR    65.17
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    71.97
HSBC Trinkaus & Bur   15.50   3/27/2015     EUR    71.11
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    73.96
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    74.39
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    72.58
HSBC Trinkaus & Bur   12.50   6/26/2015     EUR    68.81
BNP Paribas Emissio    9.50   3/26/2015     EUR    73.19
BNP Paribas Emissio    9.00   6/25/2015     EUR    73.92
HSBC Trinkaus & Bur   15.00   3/27/2015     EUR    59.84
BNP Paribas Emissio   15.00   3/26/2015     EUR    71.50
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    62.08
BNP Paribas Emissio   18.50   3/26/2015     EUR    66.88
HSBC Trinkaus & Bur    9.50   6/26/2015     EUR    65.39
BNP Paribas Emissio   23.00   3/26/2015     EUR    63.16
HSBC Trinkaus & Bur    6.00   6/26/2015     EUR    70.27
BNP Paribas Emissio   14.00   6/25/2015     EUR    73.21
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    64.75
BNP Paribas Emissio   17.00   6/25/2015     EUR    69.74
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    68.05
BNP Paribas Emissio   20.00   6/25/2015     EUR    66.76
HSBC Trinkaus & Bur   10.00   6/26/2015     EUR    71.08
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    61.53
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    52.34
HSBC Trinkaus & Bur   11.00   6/26/2015     EUR    55.48
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    59.66
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    63.21
HSBC Trinkaus & Bur   10.50   1/23/2015     EUR    52.82
BNP Paribas Emissio    8.50   3/26/2015     EUR    74.78
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    72.13
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    67.04
Zurcher Kantonalban    6.60   7/29/2015     CHF    50.26
EFG International F    7.30   7/22/2015     USD    73.66
Leonteq Securities    10.00   1/22/2016     USD    65.25
Credit Suisse AG/Na    8.25   7/31/2015     USD    60.83
DZ Bank AG Deutsche    4.90   1/22/2015     EUR    71.74
DZ Bank AG Deutsche    6.00   1/22/2015     EUR    68.38
DZ Bank AG Deutsche    5.40   7/23/2015     EUR    70.99
DZ Bank AG Deutsche    5.60  10/23/2015     EUR    72.08
DZ Bank AG Deutsche    4.70   7/23/2015     EUR    58.40
DZ Bank AG Deutsche    5.70   7/23/2015     EUR    56.61
DZ Bank AG Deutsche    3.90  10/23/2015     EUR    63.44
DZ Bank AG Deutsche    4.90  10/23/2015     EUR    61.20
DZ Bank AG Deutsche    5.80  10/23/2015     EUR    59.35
DZ Bank AG Deutsche    5.70   1/22/2015     EUR    74.52
DZ Bank AG Deutsche    4.00   1/22/2015     EUR    71.05
DZ Bank AG Deutsche    4.70   1/22/2015     EUR    67.82
DZ Bank AG Deutsche    2.20   1/22/2015     EUR    54.22
DZ Bank AG Deutsche    3.20   1/22/2015     EUR    51.36
DZ Bank AG Deutsche    4.20   1/22/2015     EUR    49.21
DZ Bank AG Deutsche    3.70   7/23/2015     EUR    60.90
DZ Bank AG Deutsche    5.50   1/22/2015     EUR    53.55
DZ Bank AG Deutsche    4.00   1/22/2015     EUR    50.95
DZ Bank AG Deutsche    4.80   1/22/2015     EUR    48.66
DZ Bank AG Deutsche    6.30   7/23/2015     EUR    60.36
DZ Bank AG Deutsche    4.90   7/23/2015     EUR    59.60
DZ Bank AG Deutsche    4.40   7/23/2015     EUR    54.08
DZ Bank AG Deutsche    5.90  10/23/2015     EUR    63.27
DZ Bank AG Deutsche    5.80  10/23/2015     EUR    60.57
DZ Bank AG Deutsche    4.70  10/23/2015     EUR    57.26
DZ Bank AG Deutsche    3.60   1/22/2015     EUR    56.46
DZ Bank AG Deutsche    5.50   1/22/2015     EUR    54.94
DZ Bank AG Deutsche    7.60   1/22/2015     EUR    53.76
DZ Bank AG Deutsche    3.10   7/22/2015     EUR    64.00
DZ Bank AG Deutsche    4.90   7/22/2015     EUR    62.14
DZ Bank AG Deutsche    6.00   7/22/2015     EUR    61.41
DZ Bank AG Deutsche    3.90  10/22/2015     EUR    65.39
DZ Bank AG Deutsche    4.70  10/22/2015     EUR    64.66
DZ Bank AG Deutsche    5.60  10/22/2015     EUR    64.06
DZ Bank AG Deutsche    2.90   1/22/2015     EUR    59.30
DZ Bank AG Deutsche    5.80   1/22/2015     EUR    56.31
DZ Bank AG Deutsche   10.30   1/22/2015     EUR    53.70
DZ Bank AG Deutsche    3.70   7/22/2015     EUR    64.23
DZ Bank AG Deutsche    5.70   7/22/2015     EUR    62.23
DZ Bank AG Deutsche    8.30   7/22/2015     EUR    60.80
DZ Bank AG Deutsche    3.60  10/22/2015     EUR    67.26
DZ Bank AG Deutsche    5.30  10/22/2015     EUR    65.55
DZ Bank AG Deutsche    7.30  10/22/2015     EUR    64.31
Vontobel Financial     7.90   6/26/2015     EUR    73.56
Vontobel Financial     8.15   3/27/2015     EUR    73.95
UBS AG/London         15.00   7/23/2015     CHF    55.72
Leonteq Securities    11.52  10/28/2015     CHF    57.28
Deutsche Bank AG       7.20   3/24/2015     EUR    70.20
BNP Paribas Emissio    8.00   6/25/2015     EUR    58.64
BNP Paribas Emissio    6.75   6/25/2015     EUR    61.56
BNP Paribas Emissio    8.00   7/23/2015     EUR    59.30
BNP Paribas Emissio    6.75   7/23/2015     EUR    62.11
Vontobel Financial    11.20   3/27/2015     EUR    54.00
Goldman Sachs & Co    10.00   2/25/2015     EUR    67.53
Vontobel Financial    23.50   3/27/2015     EUR    72.74
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    69.39
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.27
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    74.55
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    73.46
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    66.51
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    67.14
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    73.08
Banque Cantonale Va    1.00    7/7/2016     CHF    34.89
HSBC Trinkaus & Bur   11.00   9/25/2015     EUR    74.18
HSBC Trinkaus & Bur   13.00   9/25/2015     EUR    74.64
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    69.63
HSBC Trinkaus & Bur    9.50   9/25/2015     EUR    71.54
HSBC Trinkaus & Bur    6.50   2/27/2015     EUR    72.81
HSBC Trinkaus & Bur   10.00   9/25/2015     EUR    65.04
HSBC Trinkaus & Bur    9.50   2/27/2015     EUR    62.20
Commerzbank AG         6.25   2/26/2015     EUR    73.22
Leonteq Securities    12.40   4/27/2016     CHF    69.76
Bank Julius Baer &    11.00  10/14/2015     CHF    64.75
Commerzbank AG         3.00   12/3/2015     EUR    57.01
UBS AG/London          7.50  10/15/2015     CHF    65.06
Leonteq Securities     9.07    5/3/2016     GBP    62.70
UBS AG/London         12.88  10/23/2015     CHF    72.95
BNP Paribas Emissio    7.00  10/22/2015     EUR    61.30
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    67.87
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    66.89
DZ Bank AG Deutsche    5.50   1/23/2015     EUR    67.70
UniCredit Bank AG      4.00   6/24/2015     EUR    65.69
UniCredit Bank AG      4.50   6/24/2015     EUR    59.26
Vontobel Financial     5.30   4/17/2015     EUR    74.55
DZ Bank AG Deutsche    7.75   6/12/2015     EUR    74.73
Vontobel Financial     8.35   6/26/2015     EUR    57.64
Bank Julius Baer &    14.20  10/28/2015     CHF    70.40
UBS AG/London         10.50   10/8/2015     CHF    73.05
Leonteq Securities     9.00  10/20/2015     CHF    69.55
BNP Paribas Emissio   13.00   1/22/2015     EUR    74.09
Bank Julius Baer &     6.00    7/3/2015     EUR    72.20
Banque Cantonale Va   10.80   6/25/2015     CHF    55.46
Bank Julius Baer &     7.65    7/3/2015     USD    68.90
UBS AG/London         15.25   6/25/2015     CHF    43.12
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.65
HSBC Trinkaus & Bur    7.00   4/24/2015     EUR    73.56
HSBC Trinkaus & Bur   15.50   6/26/2015     EUR    59.53
Credit Suisse AG/Na   10.50    7/9/2015     USD    51.82
UBS AG                10.75   3/27/2015     EUR    45.73
UBS AG                 7.75   6/26/2015     EUR    49.74
Bank Julius Baer &    10.00    7/3/2015     USD    50.20
UBS AG                14.75   3/27/2015     EUR    73.03
DZ Bank AG Deutsche    5.50   3/27/2015     EUR    70.42
DZ Bank AG Deutsche   11.00   3/27/2015     EUR    56.61
Credit Suisse AG/Na    8.40   6/26/2015     USD    42.31
Notenstein Privatba    6.10  12/30/2015     EUR    62.27
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    66.68
UBS AG                 4.75   3/27/2015     EUR    71.51
UBS AG                 7.25   6/26/2015     EUR    53.70
UBS AG                11.25   6/24/2016     EUR    72.67
DZ Bank AG Deutsche   10.75   6/26/2015     EUR    71.63
Credit Suisse AG/Na    8.00    3/7/2016     EUR    74.52
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    66.31
UBS AG                14.75   3/27/2015     EUR    72.72
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    65.48
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    64.53
UBS AG                13.50  12/29/2015     EUR    74.42
UBS AG                13.75   9/25/2015     EUR    61.73
UBS AG                12.25   6/26/2015     EUR    74.70
Leonteq Securities     8.64   8/25/2015     CHF    29.49
Commerzbank AG         6.25   2/26/2015     EUR    72.42
Commerzbank AG         7.25   2/26/2015     EUR    52.98
Commerzbank AG         5.75   2/26/2015     EUR    69.71
DZ Bank AG Deutsche    8.00   2/27/2015     EUR    72.28
Vontobel Financial     7.60   3/27/2015     EUR    68.14
Commerzbank AG         6.00   2/26/2015     EUR    56.64
Commerzbank AG         6.00   2/26/2015     EUR    74.22
Commerzbank AG        12.25   2/26/2015     EUR    50.07
UBS AG                13.00   3/27/2015     EUR    71.95
UBS AG                14.00   6/26/2015     EUR    70.02
DZ Bank AG Deutsche    6.25   6/26/2015     EUR    74.70
UBS AG                13.50   9/25/2015     EUR    74.53
DZ Bank AG Deutsche    5.00   7/24/2015     EUR    74.42
LBBW                   4.00   6/26/2015     EUR    64.95
LBBW                   3.00   6/26/2015     EUR    73.78
LBBW                   4.00   6/26/2015     EUR    70.68
DZ Bank AG Deutsche    9.75   3/13/2015     EUR    73.98
DZ Bank AG Deutsche    7.75   3/13/2015     EUR    73.45
Deutsche Bank AG       6.20   3/24/2015     EUR    74.30
Leonteq Securities     7.35    7/2/2015     USD    58.32
Deutsche Bank AG       6.20   3/24/2015     EUR    74.00
Deutsche Bank AG       6.20   3/24/2015     EUR    69.90
DZ Bank AG Deutsche    5.25   6/12/2015     EUR    73.66
Deutsche Bank AG       6.20   3/24/2015     EUR    70.00
Vontobel Financial    10.90   3/13/2015     EUR    73.53
Deutsche Bank AG       5.20   3/24/2015     EUR    72.10
Deutsche Bank AG       5.20   3/24/2015     EUR    69.80
Deutsche Bank AG       7.20   3/24/2015     EUR    70.10
Deutsche Bank AG       7.20   3/24/2015     EUR    53.10
Deutsche Bank AG       7.20   3/24/2015     EUR    74.50
Deutsche Bank AG       7.20   3/24/2015     EUR    72.50
Deutsche Bank AG       7.20   3/24/2015     EUR    53.70
Banque Cantonale Va    5.25    7/2/2015     CHF    50.49
Deutsche Bank AG       7.20   3/24/2015     EUR    74.20
Deutsche Bank AG       7.20   3/24/2015     EUR    54.90
Raiffeisen Centroba    6.29   1/20/2016     EUR    56.96
Deutsche Bank AG       7.10   2/25/2015     EUR    69.70
Deutsche Bank AG       5.10   2/25/2015     EUR    69.40
Deutsche Bank AG       5.10   2/25/2015     EUR    71.10
UBS AG                14.25   6/26/2015     EUR    73.90
Deutsche Bank AG       6.10   2/25/2015     EUR    67.10
Deutsche Bank AG       7.10   2/25/2015     EUR    73.20
Deutsche Bank AG       7.10   2/25/2015     EUR    71.40
Deutsche Bank AG       6.10   2/25/2015     EUR    71.20
UBS AG                12.50   3/27/2015     EUR    72.54
UniCredit Bank AG      4.25   9/24/2015     EUR    62.76
UniCredit Bank AG      5.75   9/24/2015     EUR    58.96
Deutsche Bank AG       6.10   2/25/2015     EUR    73.50
Deutsche Bank AG       7.10   2/25/2015     EUR    73.60
UBS AG                 5.00   6/26/2015     EUR    71.34
UniCredit Bank AG      4.90   9/24/2015     EUR    61.41
UniCredit Bank AG      4.75   9/24/2015     EUR    62.01
DZ Bank AG Deutsche    6.75   6/26/2015     EUR    73.61
Notenstein Privatba   12.00   3/10/2015     CHF    50.50
BNP Paribas Emissio    9.25   1/22/2015     EUR    68.43
BNP Paribas Emissio    9.00   2/26/2015     EUR    69.32
UBS AG                11.75   3/27/2015     EUR    68.64
UBS AG                13.50   3/27/2015     EUR    61.67
UBS AG                14.75   3/27/2015     EUR    56.07
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    73.70
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    72.30
Commerzbank AG        10.00   2/26/2015     EUR    71.64
Commerzbank AG         8.50   2/26/2015     EUR    69.06
DZ Bank AG Deutsche    7.50   2/27/2015     EUR    70.77
Vontobel Financial     5.25   3/27/2015     EUR    71.75
UBS AG                11.00   3/27/2015     EUR    61.88
Vontobel Financial    11.60   6/12/2015     EUR    74.77
Commerzbank AG         8.75   6/25/2015     EUR    73.34
UBS AG                14.75   9/25/2015     EUR    72.41
Commerzbank AG         6.50   6/25/2015     EUR    67.21
Commerzbank AG         8.25   6/25/2015     EUR    64.82
Commerzbank AG        10.25   6/25/2015     EUR    62.41
UBS AG                13.00   3/27/2015     EUR    59.34
DZ Bank AG Deutsche    5.00   7/24/2015     EUR    60.08
UBS AG                 9.00   3/27/2015     EUR    64.74
DZ Bank AG Deutsche    6.75   7/24/2015     EUR    66.52
DZ Bank AG Deutsche   16.00   7/24/2015     EUR    35.80
Vontobel Financial     8.45   3/13/2015     EUR    74.28
Credit Suisse AG/Na    8.25   1/11/2016     CHF    62.55
DZ Bank AG Deutsche    6.50   9/11/2015     EUR    74.68
Vontobel Financial     5.10   3/13/2015     EUR    70.82
Vontobel Financial     6.25   3/13/2015     EUR    71.03
Vontobel Financial     7.25   3/13/2015     EUR    71.22
Deutsche Bank AG       6.20   3/24/2015     EUR    56.60
Deutsche Bank AG       6.20   3/24/2015     EUR    54.70
Deutsche Bank AG       6.20   3/24/2015     EUR    72.30
Vontobel Financial     5.80   3/13/2015     EUR    67.50
Vontobel Financial     4.15   3/13/2015     EUR    71.35
Deutsche Bank AG       6.20   3/24/2015     EUR    72.30
Deutsche Bank AG       6.20   3/24/2015     EUR    72.50
Deutsche Bank AG       6.20   3/24/2015     EUR    74.30
Deutsche Bank AG       5.20   3/24/2015     EUR    72.30
Deutsche Bank AG       5.20   3/24/2015     EUR    74.10
Deutsche Bank AG       5.20   3/24/2015     EUR    72.10
Deutsche Bank AG       5.20   3/24/2015     EUR    54.40
Deutsche Bank AG       5.20   3/24/2015     EUR    73.80
Leonteq Securities     8.00    7/7/2016     USD    66.65
Deutsche Bank AG       5.20   3/24/2015     EUR    53.30
Vontobel Financial     4.95   3/13/2015     EUR    63.51
Vontobel Financial     5.40   3/13/2015     EUR    63.60
Deutsche Bank AG       5.20   3/24/2015     EUR    69.70
Vontobel Financial     5.90   3/13/2015     EUR    63.69
Deutsche Bank AG       5.20   3/24/2015     EUR    56.30
Deutsche Bank AG       7.20   3/24/2015     EUR    72.80
Deutsche Bank AG       7.20   3/24/2015     EUR    55.00
Deutsche Bank AG       7.20   3/24/2015     EUR    74.60
Deutsche Bank AG       7.20   3/24/2015     EUR    72.50
Deutsche Bank AG       7.20   3/24/2015     EUR    56.80
Raiffeisen Centroba    7.55   1/20/2016     EUR    59.63
Raiffeisen Centroba    5.98   1/20/2016     EUR    72.68
Raiffeisen Centroba    3.78   1/20/2016     EUR    73.18
Deutsche Bank AG       6.10   2/25/2015     EUR    73.00
Deutsche Bank AG       7.10   2/25/2015     EUR    74.70
Deutsche Bank AG       6.10   2/25/2015     EUR    69.50
Deutsche Bank AG       5.10   2/25/2015     EUR    72.90
Deutsche Bank AG       7.10   2/25/2015     EUR    67.30
UniCredit Bank AG      5.25   9/24/2015     EUR    60.60
UniCredit Bank AG      5.40   9/24/2015     EUR    60.04
Credit Suisse AG/Na    9.00   5/28/2015     EUR    66.34
Deutsche Bank AG       5.10   2/25/2015     EUR    73.30
UniCredit Bank AG      4.80   9/24/2015     EUR    61.67
UBS AG                 7.25   3/27/2015     EUR    48.59
Leonteq Securities    11.80   9/10/2015     EUR    72.97
DZ Bank AG Deutsche    4.25   9/11/2015     EUR    73.98
UniCredit Bank AG      5.25   6/24/2015     EUR    57.60
UniCredit Bank AG      6.00   6/24/2015     EUR    61.15
UniCredit Bank AG      5.50   6/24/2015     EUR    57.07
UniCredit Bank AG      5.00   6/24/2015     EUR    63.32
UniCredit Bank AG      6.50   6/24/2015     EUR    70.73
Vontobel Financial     4.45   3/13/2015     EUR    73.99
Vontobel Financial     3.15   6/12/2015     EUR    72.97
Goldman Sachs & Co     5.00   3/25/2015     EUR    74.38
Goldman Sachs & Co     7.00   3/25/2015     EUR    67.82
Goldman Sachs & Co    10.00   3/25/2015     EUR    62.52
UniCredit Bank AG      5.50   6/24/2015     EUR    72.43
UniCredit Bank AG      4.75   6/24/2015     EUR    58.69
UniCredit Bank AG      4.50   6/24/2015     EUR    74.26
UniCredit Bank AG      5.00   6/24/2015     EUR    58.14
Vontobel Financial     3.05   3/13/2015     EUR    73.73
Vontobel Financial     2.20   3/13/2015     EUR    73.57
Credit Suisse AG/Na    8.50   6/17/2015     USD    52.11
Credit Suisse AG/Lo    7.50   6/25/2015     USD    58.44
Goldman Sachs & Co     6.00   3/25/2015     EUR    70.93
Goldman Sachs & Co     8.00   3/25/2015     EUR    64.86
Goldman Sachs & Co     8.00   1/21/2015     EUR    66.11
DZ Bank AG Deutsche    6.50   3/13/2015     EUR    74.21
Deutsche Bank AG       7.80   1/21/2015     EUR    72.50
Deutsche Bank AG       5.80   1/21/2015     EUR    72.30
Deutsche Bank AG       6.80   1/21/2015     EUR    72.40
Deutsche Bank AG       5.80   1/21/2015     EUR    70.60
Deutsche Bank AG       6.80   1/21/2015     EUR    69.00
Deutsche Bank AG       7.80   1/21/2015     EUR    69.00
Credit Suisse AG/Na    7.85   3/20/2015     EUR    73.77
Deutsche Bank AG       5.80   1/21/2015     EUR    68.90
Deutsche Bank AG       5.80   1/21/2015     EUR    72.40
Deutsche Bank AG       7.80   1/21/2015     EUR    64.30
Deutsche Bank AG       6.80   1/21/2015     EUR    70.70
Deutsche Bank AG       6.80   1/21/2015     EUR    66.60
Deutsche Bank AG       6.80   1/21/2015     EUR    64.30
Deutsche Bank AG       6.80   1/21/2015     EUR    72.50
Deutsche Bank AG       7.80   1/21/2015     EUR    72.60
Deutsche Bank AG       5.80   1/21/2015     EUR    66.50
Vontobel Financial     4.70   6/26/2015     EUR    74.58
Vontobel Financial     5.00   3/27/2015     EUR    74.56
Deutsche Bank AG       5.80   1/21/2015     EUR    64.20
Deutsche Bank AG       7.80   1/21/2015     EUR    70.70
Deutsche Bank AG       7.80   1/21/2015     EUR    66.60
Leonteq Securities     7.07   9/21/2015     CHF    52.99
UBS AG                 5.79   9/17/2015     USD    33.83
Vontobel Financial     9.00   4/14/2015     EUR    72.30
Vontobel Financial     8.05   3/27/2015     EUR    73.60
Zurcher Kantonalban    9.28   1/15/2015     EUR    69.00
Bank Julius Baer &     6.25   3/27/2015     EUR    72.75
Bank Julius Baer &     9.10   3/27/2015     USD    70.70
BNP Paribas Emissio    9.75   3/26/2015     EUR    72.74
BNP Paribas Emissio    5.00   3/26/2015     EUR    73.57
BNP Paribas Emissio    6.50   3/26/2015     EUR    69.56
BNP Paribas Emissio    8.00   3/26/2015     EUR    66.77
BNP Paribas Emissio    5.00   1/22/2015     EUR    70.91
BNP Paribas Emissio    4.25   1/22/2015     EUR    72.69
BNP Paribas Emissio    5.25   7/23/2015     EUR    71.91
UBS AG                21.75  12/29/2015     EUR    58.48
UBS AG                 5.75  12/29/2015     EUR    74.42
UBS AG                19.75  12/29/2015     EUR    59.14
UBS AG                17.25   9/25/2015     EUR    70.16
UBS AG                23.25   9/25/2015     EUR    73.00
UBS AG                22.50   9/25/2015     EUR    55.90
UBS AG                16.50   3/27/2015     EUR    69.80
UBS AG                20.00   9/25/2015     EUR    57.14
UBS AG                23.75   6/26/2015     EUR    71.41
UBS AG                21.50  12/29/2015     EUR    74.83
UBS AG                24.50   9/25/2015     EUR    71.30
UBS AG                19.75   6/26/2015     EUR    73.56
UBS AG                24.25   3/27/2015     EUR    68.49
UBS AG                21.75   9/25/2015     EUR    72.29
UBS AG                21.75   6/26/2015     EUR    71.71
UBS AG                19.25   3/27/2015     EUR    73.41
UBS AG                21.75   3/27/2015     EUR    71.78
UBS AG                18.50   3/27/2015     EUR    55.43
UBS AG                23.25   6/26/2015     EUR    72.11
UBS AG                19.75   6/26/2015     EUR    55.50
UBS AG                23.50   9/25/2015     EUR    64.22
UBS AG                23.75   6/26/2015     EUR    63.10
UBS AG                21.25   6/26/2015     EUR    74.36
UBS AG                22.75   9/25/2015     EUR    71.82
UBS AG                21.75   3/27/2015     EUR    74.39
UBS AG                10.50  12/29/2015     EUR    65.78
UBS AG                17.75  12/29/2015     EUR    60.21
UBS AG                21.00   6/26/2015     EUR    74.13
UBS AG                20.25   3/27/2015     EUR    74.82
UBS AG                23.00  12/29/2015     EUR    71.95
UBS AG                23.50   6/26/2015     EUR    69.98
UBS AG                20.25   9/25/2015     EUR    73.56
UBS AG                20.00  12/29/2015     EUR    74.90
UBS AG                24.75   9/25/2015     EUR    74.54
UBS AG                23.75   3/27/2015     EUR    70.89
UBS AG                22.50   9/25/2015     EUR    73.00
UBS AG                21.75   3/27/2015     EUR    70.81
UBS AG                23.25   3/27/2015     EUR    74.58
Goldman Sachs & Co    12.00   1/21/2015     EUR    73.88
Goldman Sachs & Co     9.00   1/21/2015     EUR    74.37
Goldman Sachs & Co    13.00   1/21/2015     EUR    66.73
Vontobel Financial     4.05   6/26/2015     EUR    71.11
UBS AG                20.75  12/29/2015     EUR    67.73
UBS AG                21.75   3/27/2015     EUR    63.59
UBS AG                24.00   9/25/2015     EUR    74.03
UBS AG                15.50  12/29/2015     EUR    61.54
UBS AG                13.00  12/29/2015     EUR    63.28
UBS AG                23.50   6/26/2015     EUR    72.33
UBS AG                 6.00   9/25/2015     EUR    73.29
UBS AG                 9.25  12/29/2015     EUR    67.42
UBS AG                 7.25   9/25/2015     EUR    70.29
UBS AG                23.75   9/25/2015     EUR    74.87
UBS AG                24.50   9/25/2015     EUR    54.71
UBS AG                17.25   9/25/2015     EUR    58.70
UBS AG                 8.00  12/29/2015     EUR    69.34
UBS AG                10.00   9/25/2015     EUR    65.55
UBS AG                19.75   9/25/2015     EUR    74.67
UBS AG                18.50   3/27/2015     EUR    67.08
UBS AG                 8.50   9/25/2015     EUR    67.66
UBS AG                 6.75  12/29/2015     EUR    71.58
UBS AG                23.00   6/26/2015     EUR    53.48
UBS AG                24.75   3/27/2015     EUR    71.27
UBS AG                24.50   9/25/2015     EUR    72.13
UBS AG                22.00   6/26/2015     EUR    64.44
UBS AG                23.00   6/26/2015     EUR    71.18
UBS AG                22.75  12/29/2015     EUR    74.35
UBS AG                24.75   3/27/2015     EUR    60.57
UBS AG                20.50   9/25/2015     EUR    66.77
UBS AG                19.25   3/27/2015     EUR    74.76
UBS AG                19.25   9/25/2015     EUR    68.02
UBS AG                23.00   6/26/2015     EUR    75.00
UBS AG                24.75   6/26/2015     EUR    69.91
UBS AG                14.50   9/25/2015     EUR    60.90
UBS AG                25.00   9/25/2015     EUR    73.67
UBS AG                22.50   9/25/2015     EUR    74.55
UBS AG                 5.80   7/22/2015     EUR    68.81
Goldman Sachs & Co     5.00   1/21/2015     EUR    73.40
Goldman Sachs & Co     6.00   1/21/2015     EUR    69.37
Goldman Sachs & Co     7.00   1/21/2015     EUR    66.06
Goldman Sachs & Co     9.00   1/21/2015     EUR    63.12
Goldman Sachs & Co    11.00   1/21/2015     EUR    60.41
Goldman Sachs & Co     5.00   6/24/2015     EUR    73.85
Goldman Sachs & Co     6.00   6/24/2015     EUR    70.67
Goldman Sachs & Co     7.00   6/24/2015     EUR    67.93
Goldman Sachs & Co     8.00   6/24/2015     EUR    65.31
Goldman Sachs & Co    10.00   6/24/2015     EUR    63.68
UBS AG                22.25   6/26/2015     EUR    73.37
UBS AG                18.25   9/25/2015     EUR    65.49
UBS AG                12.00  12/29/2015     EUR    74.95
UBS AG                20.50  12/29/2015     EUR    64.62
UBS AG                20.25   9/25/2015     EUR    63.44
UBS AG                23.00   9/25/2015     EUR    61.11
UBS AG                17.00   3/27/2015     EUR    64.61
UBS AG                11.75   3/27/2015     EUR    72.15
UBS AG                22.75  12/29/2015     EUR    63.15
UBS AG                23.00   9/25/2015     EUR    61.00
UBS AG                22.75  12/29/2015     EUR    74.62
UBS AG                22.75  12/29/2015     EUR    69.23
UBS AG                22.75   6/26/2015     EUR    60.12
UBS AG                18.50   6/26/2015     EUR    64.28
UBS AG                19.25  12/29/2015     EUR    65.79
UBS AG                16.50   9/25/2015     EUR    67.47
UBS AG                19.25  12/29/2015     EUR    72.44
UBS AG                24.75   6/26/2015     EUR    58.47
UBS AG                16.50   6/26/2015     EUR    67.02
UBS AG                18.00  12/29/2015     EUR    67.14
UBS AG                21.50   9/25/2015     EUR    62.35
UBS AG                23.50   3/27/2015     EUR    71.76
UBS AG                24.00   6/26/2015     EUR    71.48
UBS AG                22.00   9/25/2015     EUR    74.98
UBS AG                15.00   6/26/2015     EUR    67.99
UBS AG                12.25   9/25/2015     EUR    72.93
UBS AG                18.50   3/27/2015     EUR    63.98
UBS AG                23.75   9/25/2015     EUR    72.63
UBS AG                17.00   9/25/2015     EUR    66.49
UBS AG                13.25   6/26/2015     EUR    70.35
UBS AG                11.00   6/26/2015     EUR    74.70
UBS AG                15.25  12/29/2015     EUR    69.24
UBS AG                20.50  12/29/2015     EUR    64.69
UBS AG                14.75   9/25/2015     EUR    69.85
UBS AG                19.25   6/26/2015     EUR    67.42
UBS AG                16.25   3/27/2015     EUR    70.35
UBS AG                24.25   3/27/2015     EUR    56.41
UBS AG                 7.00  12/29/2015     EUR    65.43
UBS AG                 7.00   3/27/2015     EUR    61.51
UBS AG                 6.25   6/26/2015     EUR    64.99
UBS AG                18.00   3/27/2015     EUR    69.91
UBS AG                11.50   9/25/2015     EUR    74.14
UBS AG                 9.75   9/25/2015     EUR    57.90
UBS AG                24.25   9/25/2015     EUR    47.26
UBS AG                 8.00   3/27/2015     EUR    59.33
UBS AG                 5.00   6/26/2015     EUR    70.03
UBS AG                21.00   3/27/2015     EUR    65.38
UBS AG                24.25   3/27/2015     EUR    69.34
UBS AG                20.25   3/27/2015     EUR    74.84
UBS AG                17.00   9/25/2015     EUR    70.66
UBS AG                15.00  12/29/2015     EUR    73.08
UBS AG                13.50   6/26/2015     EUR    59.74
UBS AG                17.00  12/29/2015     EUR    74.86
UBS AG                21.25   3/27/2015     EUR    52.02
UBS AG                23.50   3/27/2015     EUR    62.89
UBS AG                16.75   9/25/2015     EUR    72.08
UBS AG                18.25   9/25/2015     EUR    70.27
UBS AG                19.50   3/27/2015     EUR    61.04
UBS AG                15.75   3/27/2015     EUR    74.75
UBS AG                15.00   6/26/2015     EUR    58.14
UBS AG                19.75   3/27/2015     EUR    69.29
UBS AG                13.75   9/25/2015     EUR    58.44
UBS AG                13.75   9/25/2015     EUR    74.02
UBS AG                22.50   3/27/2015     EUR    63.23
UBS AG                18.00   3/27/2015     EUR    68.07
UBS AG                22.00   9/25/2015     EUR    72.85
UBS AG                22.00   6/26/2015     EUR    72.44
UBS AG                16.00   9/25/2015     EUR    67.34
UBS AG                19.50  12/29/2015     EUR    64.90
UBS AG                14.75   3/27/2015     EUR    67.10
UBS AG                12.50   9/25/2015     EUR    59.72
UBS AG                 7.00   6/26/2015     EUR    62.83
UBS AG                 4.50   6/26/2015     EUR    72.91
UBS AG                 4.25   3/27/2015     EUR    72.71
UBS AG                10.25   6/26/2015     EUR    55.99
UBS AG                10.75   3/27/2015     EUR    53.80
UBS AG                11.75  12/29/2015     EUR    74.07
UBS AG                16.50   9/25/2015     EUR    56.57
UBS AG                 5.25   9/25/2015     EUR    70.72
UBS AG                 4.75   3/27/2015     EUR    69.32
UBS AG                12.25   6/26/2015     EUR    53.47
UBS AG                 5.50   6/26/2015     EUR    67.35
UBS AG                13.00   3/27/2015     EUR    50.86
UBS AG                21.50   6/26/2015     EUR    68.79
UBS AG                17.00  12/29/2015     EUR    66.97
UBS AG                15.50   6/26/2015     EUR    67.07
UBS AG                13.00   3/27/2015     EUR    70.08
UBS AG                12.50   6/26/2015     EUR    71.89
UBS AG                18.75   6/26/2015     EUR    69.03
UBS AG                 6.25   3/27/2015     EUR    63.94
UBS AG                24.25   3/27/2015     EUR    41.31
UBS AG                13.25   3/27/2015     EUR    59.29
UBS AG                11.00   9/25/2015     EUR    61.02
UBS AG                14.75  12/29/2015     EUR    58.64
UBS AG                24.50   9/25/2015     EUR    59.58
UBS AG                21.75  12/29/2015     EUR    63.33
UBS AG                18.00   6/26/2015     EUR    64.27
UBS AG                19.25   3/27/2015     EUR    53.56
UBS AG                13.50  12/29/2015     EUR    59.31
UBS AG                15.50   3/27/2015     EUR    57.22
UBS AG                21.75   9/25/2015     EUR    61.39
UBS AG                 4.75  12/29/2015     EUR    73.60
UBS AG                16.00   6/26/2015     EUR    72.76
UBS AG                15.25  12/29/2015     EUR    74.84
UBS AG                24.25   9/25/2015     EUR    70.13
UBS AG                21.50  12/29/2015     EUR    73.81
UBS AG                23.25  12/29/2015     EUR    71.81
UBS AG                14.00   6/26/2015     EUR    73.36
UBS AG                16.00  12/29/2015     EUR    68.06
UBS AG                 5.75  12/29/2015     EUR    69.09
UBS AG                16.50   3/27/2015     EUR    64.45
UBS AG                21.75   6/26/2015     EUR    60.47
UBS AG                18.75   9/25/2015     EUR    72.00
UBS AG                17.25   3/27/2015     EUR    55.26
UBS AG                17.50   9/25/2015     EUR    50.21
UBS AG                24.25   9/25/2015     EUR    74.98
UBS AG                16.75   6/26/2015     EUR    56.84
UBS AG                18.25   6/26/2015     EUR    72.39
UBS AG                15.00   9/25/2015     EUR    57.34
UBS AG                19.00   9/25/2015     EUR    63.96
UBS AG                14.00   6/26/2015     EUR    69.33
UBS AG                20.25   6/26/2015     EUR    61.85
UBS AG                20.50   6/26/2015     EUR    66.89
UBS AG                18.25   6/26/2015     EUR    55.59
UBS AG                12.50  12/29/2015     EUR    60.31
UBS AG                17.75   9/25/2015     EUR    65.14
UBS AG                22.25   3/27/2015     EUR    58.10
UBS AG                 9.50  12/29/2015     EUR    59.88
UBS AG                22.50   3/27/2015     EUR    52.00
UBS AG                16.50   6/26/2015     EUR    58.17
Goldman Sachs & Co     6.00   2/25/2015     EUR    66.98
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    65.44
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    69.24
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    49.36
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    53.59
Commerzbank AG         9.00   3/26/2015     EUR    72.37
Vontobel Financial     7.25   5/22/2015     EUR    72.90
Goldman Sachs & Co    11.00   3/25/2015     EUR    72.00
Deutsche Bank AG       6.00   3/25/2015     EUR    63.57
Goldman Sachs & Co    16.00   2/25/2015     EUR    68.91
DZ Bank AG Deutsche    5.25   6/26/2015     EUR    61.80
DZ Bank AG Deutsche    7.75   6/26/2015     EUR    69.38
DZ Bank AG Deutsche   16.00   6/26/2015     EUR    38.59
Notenstein Privatba   10.20    4/7/2015     EUR    74.60
Vontobel Financial     7.20   5/22/2015     EUR    75.00
DZ Bank AG Deutsche    8.25   6/12/2015     EUR    70.32
DZ Bank AG Deutsche    7.25   6/12/2015     EUR    74.93
DZ Bank AG Deutsche    6.90   4/15/2015     EUR    62.45
DZ Bank AG Deutsche    9.10   4/15/2015     EUR    59.91
DZ Bank AG Deutsche    5.10   4/15/2015     EUR    65.44
DZ Bank AG Deutsche    5.00   4/15/2015     EUR    60.78
DZ Bank AG Deutsche    8.70   1/15/2015     EUR    70.49
DZ Bank AG Deutsche    6.90   1/15/2015     EUR    73.80
DZ Bank AG Deutsche   10.50   4/15/2015     EUR    72.85
DZ Bank AG Deutsche    5.30   1/15/2015     EUR    62.29
Raiffeisen Centroba   10.78   7/22/2015     EUR    67.37
Raiffeisen Centroba    9.41   1/20/2016     EUR    67.33
Raiffeisen Centroba    9.12   7/22/2015     EUR    65.02
DZ Bank AG Deutsche    5.30   1/15/2015     EUR    56.69
DZ Bank AG Deutsche    7.20   1/15/2015     EUR    54.04
DZ Bank AG Deutsche    6.60   4/15/2015     EUR    58.41
DZ Bank AG Deutsche    5.50   6/12/2015     EUR    65.72
BNP Paribas Emissio    7.00   1/22/2015     EUR    62.45
Credit Suisse AG/Na    8.50   10/8/2015     USD    70.10
BNP Paribas Emissio    5.00   3/26/2015     EUR    63.96
BNP Paribas Emissio    6.00   3/26/2015     EUR    64.18
BNP Paribas Emissio    7.00   3/26/2015     EUR    64.39
BNP Paribas Emissio    5.50   6/25/2015     EUR    64.09
BNP Paribas Emissio    6.50   6/25/2015     EUR    64.56
BNP Paribas Emissio   11.00   3/26/2015     EUR    72.00
BNP Paribas Emissio    8.00   6/25/2015     EUR    73.01
BNP Paribas Emissio    9.00   6/25/2015     EUR    73.47
UniCredit Bank AG      6.00   6/26/2015     EUR    57.66
UniCredit Bank AG      6.10   6/26/2015     EUR    72.41
DZ Bank AG Deutsche    9.90   1/15/2015     EUR    55.85
UniCredit Bank AG      4.00   6/26/2015     EUR    60.87
LBBW                   5.50   8/28/2015     EUR    74.34
DekaBank Deutsche G    4.50  10/30/2015     EUR    74.13
HSBC Trinkaus & Bur   12.00   6/26/2015     EUR    74.31
Commerzbank AG         9.00   3/26/2015     EUR    54.38
Commerzbank AG         8.00   3/26/2015     EUR    72.79
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    72.49
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    73.49
HSBC Trinkaus & Bur   10.00   4/24/2015     EUR    66.21
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.99
Bank Julius Baer &     8.00   1/16/2015     EUR    70.80
Raiffeisen Centroba    8.23   7/22/2015     EUR    72.25
Raiffeisen Centroba    8.56   7/22/2015     EUR    63.53
UniCredit Bank AG      6.00   6/25/2015     EUR    59.96
Raiffeisen Centroba    9.87   7/22/2015     EUR    63.52
UniCredit Bank AG      5.00   6/25/2015     EUR    62.01
Vontobel Financial     8.45   6/26/2015     EUR    74.86
Vontobel Financial     9.35   3/27/2015     EUR    74.20
UniCredit Bank AG      5.00   6/25/2015     EUR    73.34
LBBW                   3.00   2/27/2015     EUR    71.42
UBS AG/London         11.00   5/13/2015     CHF    44.59
UniCredit Bank AG      4.80   6/26/2015     EUR    59.80
UBS AG/London         10.60   5/12/2015     USD    62.65
Commerzbank AG         6.75   3/26/2015     EUR    56.65
Commerzbank AG         6.00   3/26/2015     EUR    74.09
Leonteq Securities     6.70   7/16/2015     EUR    73.68
Goldman Sachs & Co    10.00   2/25/2015     EUR    74.69
Vontobel Financial     6.55   3/27/2015     EUR    56.68
UniCredit Bank AG      5.50   6/25/2015     EUR    59.02
Raiffeisen Centroba    8.88   7/22/2015     EUR    73.70
UniCredit Bank AG      6.00   6/25/2015     EUR    71.58
UniCredit Bank AG      4.75   6/25/2015     EUR    61.46
Vontobel Financial     5.10   6/26/2015     EUR    73.51
Vontobel Financial     4.70   3/27/2015     EUR    73.72
UniCredit Bank AG      4.00   6/25/2015     EUR    64.25
LBBW                   4.00   2/27/2015     EUR    69.06
Vontobel Financial     8.20   6/26/2015     EUR    68.42
Goldman Sachs & Co     6.00   2/25/2015     EUR    66.98
DZ Bank AG Deutsche    6.25   3/13/2015     EUR    68.56
DZ Bank AG Deutsche    6.00   6/12/2015     EUR    68.61
DZ Bank AG Deutsche    6.50   9/11/2015     EUR    70.29
Goldman Sachs & Co    12.00   2/25/2015     EUR    64.52
DZ Bank AG Deutsche    5.75   3/13/2015     EUR    72.46
DZ Bank AG Deutsche    6.25   9/11/2015     EUR    74.51
UBS AG/London         13.25   5/20/2015     CHF    47.77
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    69.72
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    68.53
Bank Julius Baer &    11.50   5/21/2015     USD    59.80
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    70.04
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    67.79
Bank Julius Baer &     7.50   1/27/2015     EUR    63.25
Bank Julius Baer &     9.00   10/8/2015     CHF    54.50
Credit Suisse AG/Lo    8.00   5/29/2015     USD    65.78
Bank Julius Baer &     7.00   4/14/2015     USD    60.25
DZ Bank AG Deutsche   17.00   1/23/2015     EUR    28.83
DZ Bank AG Deutsche    5.00   1/23/2015     EUR    58.99
DZ Bank AG Deutsche    6.00   5/22/2015     EUR    68.30
DZ Bank AG Deutsche    9.00   6/26/2015     EUR    70.30
DZ Bank AG Deutsche    6.25   1/16/2015     EUR    72.57
DZ Bank AG Deutsche    6.00   1/16/2015     EUR    68.68
UniCredit Bank AG      4.00   6/25/2015     EUR    53.93
UniCredit Bank AG      4.00   6/25/2015     EUR    72.73
Deutsche Bank AG       7.50   3/24/2015     EUR    73.20
Deutsche Bank AG       7.50   3/24/2015     EUR    69.40
Deutsche Bank AG       6.50   3/24/2015     EUR    74.90
Deutsche Bank AG       6.50   3/24/2015     EUR    69.20
Deutsche Bank AG       6.50   3/24/2015     EUR    73.20
Deutsche Bank AG       6.50   3/24/2015     EUR    71.10
Vontobel Financial     5.65   6/12/2015     EUR    73.16
Vontobel Financial     7.50   6/12/2015     EUR    73.96
Vontobel Financial     4.60   6/12/2015     EUR    72.71
Deutsche Bank AG       5.50   3/24/2015     EUR    71.60
Deutsche Bank AG       5.50   3/24/2015     EUR    63.80
Deutsche Bank AG       6.50   3/24/2015     EUR    71.80
Deutsche Bank AG       6.50   3/24/2015     EUR    70.10
Deutsche Bank AG       6.50   3/24/2015     EUR    67.70
Deutsche Bank AG       6.50   3/24/2015     EUR    64.00
Deutsche Bank AG       7.50   3/24/2015     EUR    70.30
Deutsche Bank AG       7.50   3/24/2015     EUR    65.70
Vontobel Financial     5.75   1/23/2015     EUR    72.33
Landesbank Hessen-T    3.50   7/10/2015     EUR    59.90
Leonteq Securities    11.40   7/31/2015     EUR    73.44
Goldman Sachs & Co     7.00   3/25/2015     EUR    74.10
Goldman Sachs & Co     6.00   6/24/2015     EUR    73.53
Goldman Sachs & Co     9.00   6/24/2015     EUR    69.91
Goldman Sachs & Co     8.00  12/23/2015     EUR    68.67
Goldman Sachs & Co     8.00   6/24/2015     EUR    68.11
Goldman Sachs & Co     7.00   6/24/2015     EUR    67.65
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    68.93
Goldman Sachs & Co    12.00   1/21/2015     EUR    74.23
Goldman Sachs & Co    11.00   6/24/2015     EUR    66.52
DZ Bank AG Deutsche    6.50   6/12/2015     EUR    73.27
DZ Bank AG Deutsche    4.50    1/9/2015     EUR    67.01
Leonteq Securities     9.15   5/20/2015     USD    57.16
DZ Bank AG Deutsche    9.50   2/27/2015     EUR    67.37
DZ Bank AG Deutsche    9.00   3/27/2015     EUR    67.99
HSBC Trinkaus & Bur   12.00   3/27/2015     EUR    62.03
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    62.68
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    61.65
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    72.63
DZ Bank AG Deutsche    8.00   1/23/2015     EUR    53.15
DZ Bank AG Deutsche    5.50   9/25/2015     EUR    73.99
DZ Bank AG Deutsche    6.75   1/16/2015     EUR    68.70
DZ Bank AG Deutsche    6.00   1/16/2015     EUR    74.11
DZ Bank AG Deutsche    7.50   5/22/2015     EUR    71.06
Deutsche Bank AG       6.50   3/24/2015     EUR    71.10
Deutsche Bank AG       5.50   3/24/2015     EUR    69.00
Deutsche Bank AG       7.50   3/24/2015     EUR    71.40
Deutsche Bank AG       5.50   3/24/2015     EUR    74.70
Deutsche Bank AG       5.50   3/24/2015     EUR    70.90
Deutsche Bank AG       7.50   3/24/2015     EUR    73.40
Vontobel Financial     6.25   6/12/2015     EUR    73.42
Vontobel Financial     7.95   4/17/2015     EUR    74.37
Deutsche Bank AG       5.50   3/24/2015     EUR    69.90
Deutsche Bank AG       5.50   3/24/2015     EUR    67.50
Deutsche Bank AG       5.50   3/24/2015     EUR    62.40
Deutsche Bank AG       6.50   3/24/2015     EUR    65.40
Deutsche Bank AG       7.50   3/24/2015     EUR    67.90
Vontobel Financial     5.95   6/12/2015     EUR    72.92
Vontobel Financial     6.80   6/12/2015     EUR    73.29
Goldman Sachs & Co    16.00   2/25/2015     EUR    68.35
Credit Suisse AG/Na    8.50   1/22/2015     EUR    62.75
Goldman Sachs & Co     4.00   2/25/2015     EUR    73.87
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    72.74
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    57.20
HSBC Trinkaus & Bur    6.50   3/27/2015     EUR    61.82
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    67.52
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    73.66
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    74.81
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    74.68
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    65.67
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    71.48
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    71.79
HSBC Trinkaus & Bur   14.00   3/27/2015     EUR    46.27
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    49.24
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.46
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    74.63
Vontobel Financial     5.60   6/26/2015     EUR    64.25
Goldman Sachs & Co    10.00   1/21/2015     EUR    73.61
DZ Bank AG Deutsche    6.00   6/12/2015     EUR    63.16
DZ Bank AG Deutsche    7.40   1/15/2015     EUR    58.89
DZ Bank AG Deutsche    3.70   4/15/2015     EUR    63.51
DZ Bank AG Deutsche    3.90   1/15/2015     EUR    59.63
Raiffeisen Centroba    8.24   1/20/2016     EUR    64.38
BNP Paribas Emissio    7.00   6/25/2015     EUR    64.79
BNP Paribas Emissio    8.00   3/26/2015     EUR    71.36
BNP Paribas Emissio    9.50   3/26/2015     EUR    71.68
Vontobel Financial     6.35   6/26/2015     EUR    67.93
Goldman Sachs & Co     7.00   3/25/2015     EUR    64.33
Goldman Sachs & Co    10.00   3/25/2015     EUR    64.27
Goldman Sachs & Co    13.00   6/24/2015     EUR    64.11
Vontobel Financial     9.10   3/27/2015     EUR    74.14
Vontobel Financial     8.35   6/26/2015     EUR    74.81
Goldman Sachs & Co    10.00   2/25/2015     EUR    67.52
Goldman Sachs & Co     8.00   2/25/2015     EUR    64.22
Goldman Sachs & Co     7.00   2/25/2015     EUR    74.38
Goldman Sachs & Co     8.00  12/23/2015     EUR    73.02
Banque Cantonale Va    9.03   7/23/2015     CAD    74.78
DZ Bank AG Deutsche    4.50   4/13/2015     EUR    66.45
DZ Bank AG Deutsche    8.00   2/27/2015     EUR    62.92
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    59.12
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    70.93
UniCredit Bank AG      4.00   6/25/2015     EUR    57.84
Deutsche Bank AG       7.50   3/24/2015     EUR    69.50
Deutsche Bank AG       5.50   3/24/2015     EUR    69.10
Deutsche Bank AG       6.50   3/24/2015     EUR    73.00
Deutsche Bank AG       5.50   3/24/2015     EUR    72.90
Deutsche Bank AG       5.50   3/24/2015     EUR    65.20
Deutsche Bank AG       6.50   3/24/2015     EUR    62.70
Deutsche Bank AG       7.50   3/24/2015     EUR    72.00
Deutsche Bank AG       7.50   3/24/2015     EUR    64.20
Deutsche Bank AG       7.50   3/24/2015     EUR    62.90
Vontobel Financial     7.50   6/12/2015     EUR    73.59
Goldman Sachs & Co    17.00   2/25/2015     EUR    68.48
UniCredit Bank AG      6.15   1/23/2015     EUR    74.96
Bank Julius Baer &     3.90  11/30/2015     CHF    68.80
Leonteq Securities     5.25   2/26/2016     CHF    65.88
Zurcher Kantonalban    4.99    2/9/2015     CHF    55.95
UBS AG                10.00  12/29/2015     EUR    67.24
UBS AG                11.50   6/26/2015     EUR    57.08
Royal Bank of Scotl    7.25   1/30/2015     EUR    56.60
Societe Generale Ef    2.50   10/7/2016     EUR    55.61
Bank J Safra Sarasi    8.00   4/27/2015     CHF    66.98
Barclays Bank PLC      2.50    3/7/2017     EUR    43.08
Morgan Stanley BV      9.00   4/16/2015     EUR    70.85
Leonteq Securities     3.90    3/1/2016     EUR    48.54
SG Option Europe SA    8.00   9/29/2015     USD    74.00
UBS AG                 5.75    3/2/2015     USD    22.00
UBS AG                 0.50   4/27/2015     CHF    66.25
Kommunalbanken AS      0.50   2/23/2018     BRL    70.94
Kommunalbanken AS      0.50    2/2/2018     BRL    71.38
Vontobel Financial     4.00   6/12/2015     EUR    47.70
Vontobel Financial     8.00   6/12/2015     EUR    55.20
UBS AG                12.75  12/29/2015     EUR    70.15
UBS AG                14.75   6/26/2015     EUR    64.52
UBS AG                13.25   6/26/2015     EUR    67.93
SpareBank 1 Naering    2.29   1/16/2016     NOK     0.09
Vontobel Financial     6.00   6/12/2015     EUR    74.50
Notenstein Privatba    7.00   6/17/2015     CHF    62.53
UBS AG                12.25   6/26/2015     EUR    70.54
Leonteq Securities     5.00   5/23/2016     CHF    57.00
UBS AG                11.50  12/29/2015     EUR    72.93
UBS AG                14.50  12/29/2015     EUR    66.16
UBS AG                13.75  12/29/2015     EUR    67.57
DZ Bank AG Deutsche    8.25   6/26/2015     EUR    72.68
DZ Bank AG Deutsche    5.50   1/16/2015     EUR    70.38
DZ Bank AG Deutsche    5.25   7/10/2015     EUR    71.45
DZ Bank AG Deutsche    6.50   7/10/2015     EUR    69.37
UBS AG                24.25   3/27/2015     EUR    58.29
UBS AG                17.25   3/29/2016     EUR    68.67
UBS AG                24.75   3/27/2015     EUR    71.29
Bank Julius Baer &    11.00   2/11/2015     CHF    49.40
UBS AG                21.50   3/29/2016     EUR    74.91
UBS AG                23.75  12/29/2015     EUR    71.75
UBS AG                24.00  12/29/2015     EUR    72.83
Vontobel Financial     7.50   6/26/2015     EUR    73.40
UBS AG                21.25   6/26/2015     EUR    69.20
Vontobel Financial     4.70   3/13/2015     EUR    67.95
Vontobel Financial     4.80   4/24/2015     EUR    73.40
LBBW                   4.00   6/24/2016     EUR    69.69
UniCredit Bank AG      5.00   7/23/2015     EUR    60.27
UniCredit Bank AG      4.00   7/23/2015     EUR    62.69
UBS AG                 3.10   2/25/2015     EUR    71.91
Notenstein Privatba    4.33   7/28/2015     EUR    74.56
Leonteq Securities    10.40   8/14/2015     EUR    73.56
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    73.98
UBS AG                 4.70   4/15/2015     USD    33.16
Commerzbank AG         8.50   3/26/2015     EUR    73.43
JP Morgan Structure   10.00   1/15/2015     CHF    64.74
UniCredit Bank AG      4.00   9/24/2015     EUR    55.54
Deutsche Bank AG       6.20   8/26/2015     EUR    72.50
DZ Bank AG Deutsche    7.00   7/10/2015     EUR    72.80
Deutsche Bank AG       5.20   7/22/2015     EUR    74.50
Leonteq Securities    12.25   1/29/2015     EUR    69.50
UniCredit Bank AG      5.50   2/26/2015     EUR    58.25
UBS AG                20.00   6/26/2015     EUR    67.14
DZ Bank AG Deutsche    7.00   1/16/2015     EUR    67.61
UBS AG                21.75  12/29/2015     EUR    64.82
UBS AG                23.00   6/26/2015     EUR    68.96
UBS AG                12.25   3/29/2016     EUR    72.81
UBS AG                11.75   6/24/2016     EUR    73.61
Credit Suisse AG/Na    8.25    2/5/2015     EUR    68.11
Vontobel Financial     5.70   3/13/2015     EUR    68.13
UBS AG                13.25   6/24/2016     EUR    72.43
Vontobel Financial    14.35   1/16/2015     EUR    61.73
Vontobel Financial    10.75   3/13/2015     EUR    66.16
Raiffeisen Centroba    7.33   8/21/2015     EUR    57.48
UniCredit Bank AG      5.50   7/23/2015     EUR    74.14
UniCredit Bank AG      5.50   7/23/2015     EUR    58.49
UniCredit Bank AG      4.50   7/23/2015     EUR    61.43
Vontobel Financial     4.65   6/26/2015     EUR    73.12
UBS AG                13.25  12/29/2015     EUR    70.62
Credit Suisse AG/Lo    2.75   1/29/2019     SEK    58.30
DZ Bank AG Deutsche    8.75   1/23/2015     EUR    66.72
UniCredit Bank AG      4.00   9/24/2015     EUR    57.02
Deutsche Bank AG       6.20   7/22/2015     EUR    72.00
DZ Bank AG Deutsche    7.25   7/10/2015     EUR    72.93
Deutsche Bank AG       5.20   8/26/2015     EUR    75.00
UBS AG                13.25   3/27/2015     EUR    53.66
UBS AG                14.75   9/25/2015     EUR    53.33
Vontobel Financial     5.00    5/6/2016     EUR    73.50
Zurcher Kantonalban   10.50    2/6/2015     CHF    56.90
Leonteq Securities     9.68   7/29/2015     USD    69.87
DZ Bank AG Deutsche    6.25   9/25/2015     EUR    70.33
UBS AG                13.75   3/27/2015     EUR    58.10
UBS AG                 6.50  12/29/2015     EUR    64.60
UBS AG                 9.75   3/27/2015     EUR    65.74
UniCredit Bank AG      7.00   2/26/2015     EUR    70.95
UBS AG                23.50  12/29/2015     EUR    63.67
UBS AG                22.00   9/25/2015     EUR    74.73
UBS AG                23.25   6/26/2015     EUR    73.12
DZ Bank AG Deutsche    3.60   8/21/2015     EUR    61.26
Commerzbank AG         7.50   5/21/2015     EUR    73.96
UBS AG                14.75   3/29/2016     EUR    70.25
UBS AG                23.50   3/27/2015     EUR    67.34
UBS AG                20.75   6/26/2015     EUR    71.69
Zurcher Kantonalban   11.25   2/13/2015     EUR    73.06
Leonteq Securities    10.58    2/3/2017     USD    69.45
Vontobel Financial     6.25   3/13/2015     EUR    68.24
UniCredit Bank AG      6.00   7/23/2015     EUR    57.46
Vontobel Financial     7.40   3/27/2015     EUR    53.80
Commerzbank AG         7.00   3/26/2015     EUR    74.77
UniCredit Bank AG      6.00   7/23/2015     EUR    72.68
Commerzbank AG         9.00   3/26/2015     EUR    71.57
Vontobel Financial    10.30   3/13/2015     EUR    74.01
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    66.43
Notenstein Privatba   11.00   8/14/2015     CHF    65.68
UBS AG/London         19.75   4/16/2015     CHF    67.00
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    67.60
UBS AG/London          8.98   5/22/2015     CHF    63.60
UniCredit Bank AG      5.00   2/26/2015     EUR    69.95
UBS AG/London         14.83   5/22/2015     CHF    65.90
UniCredit Bank AG      5.00   2/26/2015     EUR    49.40
UniCredit Bank AG      5.30   2/26/2015     EUR    72.38
UniCredit Bank AG      4.00   2/26/2015     EUR    68.59
UniCredit Bank AG      4.00   2/26/2015     EUR    73.76
UniCredit Bank AG      5.50   2/26/2015     EUR    68.13
UniCredit Bank AG      4.50   2/26/2015     EUR    50.28
UniCredit Bank AG      5.40   2/26/2015     EUR    65.13
DZ Bank AG Deutsche    6.75   1/23/2015     EUR    68.83
DZ Bank AG Deutsche    7.10    3/6/2015     EUR    61.00
DZ Bank AG Deutsche    5.10    3/6/2015     EUR    59.27
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    53.77
Barclays Bank PLC     11.50  10/10/2018     SEK    73.11
DZ Bank AG Deutsche    9.25   3/27/2015     EUR    68.76
UBS AG                24.00  12/29/2015     EUR    63.72
UBS AG                20.25   3/27/2015     EUR    70.97
Goldman Sachs & Co     9.00   5/20/2015     EUR    74.90
DZ Bank AG Deutsche    5.50   5/22/2015     EUR    73.55
DZ Bank AG Deutsche    7.00   5/22/2015     EUR    74.72
UBS AG                22.00  12/29/2015     EUR    74.94
DZ Bank AG Deutsche    8.50   5/22/2015     EUR    74.51
UBS AG                22.50  12/29/2015     EUR    73.39
UBS AG                24.75   9/25/2015     EUR    61.24
UBS AG                16.00   6/24/2016     EUR    69.88
UBS AG                23.75  12/29/2015     EUR    66.80
Goldman Sachs & Co    13.00   5/20/2015     EUR    70.76
Bank Julius Baer &     7.90    2/4/2015     CHF    45.70
UBS AG                20.00  12/29/2015     EUR    69.25
UBS AG                21.75   6/26/2015     EUR    65.66
UBS AG                14.00   6/24/2016     EUR    71.47
Zurcher Kantonalban    8.25   1/30/2015     EUR    68.83
UBS AG/London         10.50   1/29/2015     CHF    43.14
UniCredit Bank AG      4.80   2/26/2015     EUR    70.13
UniCredit Bank AG      4.00   2/26/2015     EUR    51.19
UniCredit Bank AG      4.00   6/25/2015     EUR    68.64
UBS AG/London          6.50   5/22/2015     CHF    50.05
UniCredit Bank AG      5.70   2/26/2015     EUR    70.93
UniCredit Bank AG      4.00   6/25/2015     EUR    57.82
UniCredit Bank AG      4.75   2/26/2015     EUR    66.85
UniCredit Bank AG      6.00   2/26/2015     EUR    63.56
DZ Bank AG Deutsche    8.30    3/6/2015     EUR    68.10
DZ Bank AG Deutsche    9.50    3/6/2015     EUR    58.25
DZ Bank AG Deutsche    5.20    3/6/2015     EUR    64.19
DZ Bank AG Deutsche    3.70    3/6/2015     EUR    62.11
Vontobel Financial     6.60   6/26/2015     EUR    72.01
DZ Bank AG Deutsche    5.00   3/27/2015     EUR    65.78
DZ Bank AG Deutsche    9.50   2/27/2015     EUR    64.74
DZ Bank AG Deutsche    5.00   2/27/2015     EUR    70.98
BNP Paribas Emissio    6.00   3/26/2015     EUR    72.88
BNP Paribas Emissio    8.00   3/26/2015     EUR    69.08
UBS AG                19.75   6/24/2016     EUR    68.37
UBS AG                24.75   3/27/2015     EUR    65.85
UBS AG                22.50  12/29/2015     EUR    72.99
Goldman Sachs & Co    13.00   5/20/2015     EUR    69.46
UBS AG                23.00   6/26/2015     EUR    71.05
UBS AG                21.25   3/27/2015     EUR    69.37
Goldman Sachs & Co    11.00   9/23/2015     EUR    73.36
UBS AG                22.25  12/29/2015     EUR    74.37
UBS AG                23.25   9/25/2015     EUR    72.94
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    72.23
UniCredit Bank AG      4.00   2/26/2015     EUR    72.24
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    69.86
UBS AG/London         12.53   5/22/2015     CHF    64.50
UniCredit Bank AG      5.50   2/26/2015     EUR    48.56
Commerzbank AG         6.00   1/22/2015     EUR    72.30
UniCredit Bank AG      4.90   2/26/2015     EUR    73.90
Barclays Bank PLC      5.88   8/19/2016     EUR    70.31
DZ Bank AG Deutsche   12.20    3/6/2015     EUR    63.52
DZ Bank AG Deutsche    6.90    3/6/2015     EUR    56.78
DZ Bank AG Deutsche    5.25   3/27/2015     EUR    74.72
DZ Bank AG Deutsche   16.00   3/27/2015     EUR    30.75
DZ Bank AG Deutsche   12.50   2/27/2015     EUR    46.32
DZ Bank AG Deutsche   18.25   2/27/2015     EUR    58.52
BNP Paribas Emissio    7.00   6/25/2015     EUR    71.53
UBS AG                18.00   6/24/2016     EUR    69.02
UBS AG                22.00  12/29/2015     EUR    67.94
UBS AG                23.75   9/25/2015     EUR    70.75
UBS AG                22.50   3/27/2015     EUR    70.86
Goldman Sachs & Co    11.00   9/23/2015     EUR    72.46
UBS AG                22.00  12/29/2015     EUR    73.23
UBS AG                21.25   3/27/2015     EUR    73.76
DZ Bank AG Deutsche   10.25   5/22/2015     EUR    61.95
Deutsche Bank AG       4.00   5/25/2015     EUR    65.20
UBS AG                23.00   3/27/2015     EUR    63.37
Zurcher Kantonalban    8.00    6/4/2015     CHF    52.46
UBS AG                22.75   9/25/2015     EUR    65.96
UBS AG                23.75   6/26/2015     EUR    66.71
DZ Bank AG Deutsche    5.00    3/6/2015     EUR    73.58
Goldman Sachs & Co    16.00   1/21/2015     EUR    66.44
DZ Bank AG Deutsche    6.50   1/23/2015     EUR    71.46
DZ Bank AG Deutsche    7.00   1/23/2015     EUR    72.72
Deutsche Bank AG       5.20   7/22/2015     EUR    71.40
Deutsche Bank AG       5.20   8/26/2015     EUR    71.90
Leonteq Securities     5.40   4/10/2015     USD    56.26
DZ Bank AG Deutsche    6.50   7/10/2015     EUR    72.55
Leonteq Securities    12.20   7/22/2015     USD    52.73
Bank Julius Baer &    10.20    2/6/2015     USD    56.60
UBS AG                 5.25  12/29/2015     EUR    69.94
Vontobel Financial     7.65    8/7/2015     EUR    73.60
UniCredit Bank AG      5.20   2/26/2015     EUR    65.09
UniCredit Bank AG      8.00   2/26/2015     EUR    73.39
UniCredit Bank AG      4.30   2/26/2015     EUR    67.22
UBS AG                15.50   6/26/2015     EUR    71.44
UBS AG                11.25  12/29/2015     EUR    61.23
UBS AG                23.75   3/27/2015     EUR    64.79
UBS AG                14.50  12/29/2015     EUR    70.02
UBS AG                14.00   9/25/2015     EUR    69.83
UBS AG                 5.25  12/29/2015     EUR    71.27
UBS AG                12.75  12/29/2015     EUR    72.18
UBS AG                12.75   9/25/2015     EUR    71.85
UBS AG                11.50   9/25/2015     EUR    63.75
UBS AG                14.00   6/26/2015     EUR    71.22
UBS AG                11.00   6/26/2015     EUR    73.34
Goldman Sachs & Co    11.00   3/25/2015     EUR    69.97
Leonteq Securities    11.60   8/12/2015     USD    65.44
Vontobel Financial     6.45   8/28/2015     EUR    70.20
HSBC Trinkaus & Bur    7.50   2/27/2015     EUR    71.51
BNP Paribas Emissio    9.00   3/26/2015     EUR    74.63
LBBW                   4.00   2/27/2015     EUR    73.76
LBBW                   3.00   2/27/2015     EUR    62.84
DZ Bank AG Deutsche   15.25   5/22/2015     EUR    63.37
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    70.10
HSBC Trinkaus & Bur   11.00   1/23/2015     EUR    64.13
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    70.90
HSBC Trinkaus & Bur   10.50   6/26/2015     EUR    74.33
Commerzbank AG        23.75   4/23/2015     EUR    36.93
UBS AG                 5.44   6/10/2015     USD    40.54
HSBC Trinkaus & Bur    2.75   1/23/2015     EUR    69.20
HSBC Trinkaus & Bur    6.50   3/27/2015     EUR    64.49
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    74.32
HSBC Trinkaus & Bur    7.50   2/27/2015     EUR    74.68
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    70.70
HSBC Trinkaus & Bur    8.50   2/27/2015     EUR    73.40
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    67.11
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    71.95
Vontobel Financial     8.30   8/28/2015     EUR    70.10
Notenstein Privatba    7.00   5/20/2015     CHF    74.53
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    73.10
HSBC Trinkaus & Bur    7.00   1/23/2015     EUR    75.00
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    74.38
HSBC Trinkaus & Bur   16.00   6/26/2015     EUR    61.67
Commerzbank AG         9.50   4/23/2015     EUR    65.63
Commerzbank AG        10.00   4/23/2015     EUR    52.74
HSBC Trinkaus & Bur    7.50   6/26/2015     EUR    71.49
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    64.82
HSBC Trinkaus & Bur   10.50   1/23/2015     EUR    59.04
HSBC Trinkaus & Bur    9.50   4/24/2015     EUR    61.09
Credit Suisse AG/Na    9.00   2/20/2015     EUR    67.14
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    69.90
UBS AG                14.00   6/26/2015     EUR    68.85
Banque Cantonale Va    8.53    3/2/2015     USD    70.72
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    71.00
UBS AG                13.75   6/26/2015     EUR    74.65
HSBC Trinkaus & Bur   19.00   3/27/2015     EUR    72.42
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    74.29
UBS AG                12.00   3/27/2015     EUR    71.39
Deutsche Bank AG       6.20   6/23/2015     EUR    71.84
Deutsche Bank AG       6.20   6/23/2015     EUR    69.23
Deutsche Bank AG       5.20   6/23/2015     EUR    66.73
Zurcher Kantonalban    7.82   2/20/2015     USD    56.88
Goldman Sachs & Co     9.00   7/22/2015     EUR    72.87
Deutsche Bank AG       5.20   6/23/2015     EUR    68.75
Deutsche Bank AG       8.20   6/23/2015     EUR    72.79
DZ Bank AG Deutsche   21.00   2/27/2015     EUR    30.78
DZ Bank AG Deutsche    5.00   2/27/2015     EUR    68.97
DZ Bank AG Deutsche    6.25   9/25/2015     EUR    74.70
Vontobel Financial     5.85   6/26/2015     EUR    74.26
UBS AG                 3.43    6/8/2015     USD    17.52
Zurcher Kantonalban   10.50   2/25/2015     CHF    49.45
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    71.61
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    60.40
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    70.23
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    73.91
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    67.82
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    65.34
UBS AG                11.25   6/26/2015     EUR    73.19
HSBC Trinkaus & Bur   12.50   6/26/2015     EUR    68.04
Deutsche Bank AG       6.20   6/23/2015     EUR    67.20
Goldman Sachs & Co     9.00  12/23/2015     EUR    73.07
Deutsche Bank AG       7.20   6/23/2015     EUR    72.31
Deutsche Bank AG       8.20   6/23/2015     EUR    70.18
Deutsche Bank AG       8.20   6/23/2015     EUR    68.15
Goldman Sachs & Co    13.00   2/25/2015     EUR    71.38
DZ Bank AG Deutsche    9.00   2/27/2015     EUR    58.26
DZ Bank AG Deutsche    6.25   2/27/2015     EUR    61.61
DZ Bank AG Deutsche    5.75   6/26/2015     EUR    68.70
DZ Bank AG Deutsche   15.25   5/22/2015     EUR    61.99
Vontobel Financial     6.85   8/28/2015     EUR    71.30
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    69.71
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    68.93
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.63
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    73.09
Deutsche Bank AG       7.20   6/22/2015     EUR    60.30
Deutsche Bank AG       6.20   6/22/2015     EUR    53.50
Deutsche Bank AG       5.20   6/22/2015     EUR    56.00
Deutsche Bank AG       6.20   6/22/2015     EUR    56.40
Deutsche Bank AG       5.20   6/22/2015     EUR    59.30
Deutsche Bank AG       6.20   3/24/2015     EUR    60.00
Deutsche Bank AG       6.20   6/22/2015     EUR    59.80
Deutsche Bank AG       7.20   6/22/2015     EUR    56.90
Deutsche Bank AG       6.20  12/22/2015     EUR    74.30
Deutsche Bank AG       7.20   6/22/2015     EUR    72.00
DZ Bank AG Deutsche    8.00   3/13/2015     EUR    69.75
Commerzbank AG         5.75   1/22/2015     EUR    69.72
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    61.60
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    70.84
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    63.78
Deutsche Bank AG       6.20   6/22/2015     EUR    72.10
DZ Bank AG Deutsche   10.75   4/24/2015     EUR    58.73
Commerzbank AG         5.75   4/23/2015     EUR    56.39
Commerzbank AG        10.00   4/23/2015     EUR    72.00
Deutsche Bank AG       5.20   6/22/2015     EUR    74.70
Deutsche Bank AG       7.20   9/22/2015     EUR    73.70
Deutsche Bank AG       5.20   6/22/2015     EUR    71.10
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    74.30
Deutsche Bank AG       6.20  12/22/2015     EUR    74.20
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.64
DZ Bank AG Deutsche    7.25   6/12/2015     EUR    69.15
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    66.29
Credit Suisse AG/Na    8.25    5/4/2015     USD    61.48
Deutsche Bank AG       5.20   6/22/2015     EUR    53.00
Deutsche Bank AG       7.20   6/22/2015     EUR    53.90
Deutsche Bank AG       7.20   9/22/2015     EUR    73.60
Deutsche Bank AG       5.20  12/22/2015     EUR    73.30
DZ Bank AG Deutsche    8.25   6/12/2015     EUR    70.35
DZ Bank AG Deutsche    8.00   6/12/2015     EUR    66.55
Deutsche Bank AG       6.20   9/22/2015     EUR    72.90
Commerzbank AG         8.00   1/22/2015     EUR    66.14
Deutsche Bank AG       5.20   6/22/2015     EUR    74.30
Deutsche Bank AG       7.20   6/22/2015     EUR    72.60
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    68.68
Deutsche Bank AG       6.20   3/24/2015     EUR    73.00
Deutsche Bank AG       6.20   6/22/2015     EUR    74.80
Deutsche Bank AG       5.20   6/22/2015     EUR    71.60
Deutsche Bank AG       6.20   6/22/2015     EUR    73.80
Deutsche Bank AG       6.20   6/22/2015     EUR    67.90
Goldman Sachs & Co     5.00   3/25/2015     EUR    74.55
Goldman Sachs & Co     7.00   3/25/2015     EUR    74.98
DZ Bank AG Deutsche   15.75   4/24/2015     EUR    55.62
UBS AG                14.50  12/23/2016     EUR    74.95
UBS AG                16.00  12/23/2016     EUR    74.14
UBS AG                24.25  12/29/2015     EUR    72.69
Commerzbank AG         8.00   4/23/2015     EUR    54.31
Commerzbank AG         7.75   4/23/2015     EUR    74.79
Commerzbank AG         8.75   4/23/2015     EUR    71.45
Deutsche Bank AG       5.20  12/22/2015     EUR    73.20
UBS AG                22.50   3/29/2016     EUR    74.59
UniCredit Bank AG      4.75   2/26/2015     EUR    60.30
UniCredit Bank AG      6.50   2/26/2015     EUR    69.13
UniCredit Bank AG      5.60   2/26/2015     EUR    71.53
Vontobel Financial     6.20   3/27/2015     EUR    72.60
Vontobel Financial    15.15   2/27/2015     EUR    59.60
UBS AG                14.75   6/26/2015     EUR    74.23
Goldman Sachs & Co    11.00   6/24/2015     EUR    64.15
DZ Bank AG Deutsche    5.50   3/27/2015     EUR    56.40
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    63.35
HSBC Trinkaus & Bur    6.00   2/27/2015     EUR    63.92
Notenstein Privatba    9.60   6/16/2015     CHF    46.99
HSBC Trinkaus & Bur    8.25   1/23/2015     EUR    72.38
DZ Bank AG Deutsche    9.75   5/22/2015     EUR    58.74
HSBC Trinkaus & Bur   18.00   3/27/2015     EUR    58.34
Banque Cantonale Va    5.80   6/12/2015     CHF    73.50
HSBC Trinkaus & Bur   17.50   3/27/2015     EUR    69.35
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    72.17
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    70.57
Goldman Sachs & Co    11.00   7/22/2015     EUR    70.61
Deutsche Bank AG       7.20   6/23/2015     EUR    67.68
DZ Bank AG Deutsche    9.25   5/22/2015     EUR    58.55
Bank Julius Baer &     8.50    5/7/2015     USD    64.40
DZ Bank AG Deutsche    7.50   3/27/2015     EUR    73.05
UBS AG                 7.60   3/25/2015     EUR    67.87
Deutsche Bank AG       7.20   3/24/2015     EUR    60.20
Deutsche Bank AG       5.20   3/24/2015     EUR    59.80
Deutsche Bank AG       5.20   6/22/2015     EUR    73.30
Commerzbank AG        10.25   1/22/2015     EUR    73.24
Deutsche Bank AG       5.20   9/22/2015     EUR    72.20
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    72.20
Deutsche Bank AG       5.20   3/24/2015     EUR    66.50
DZ Bank AG Deutsche    5.25   4/24/2015     EUR    73.97
Deutsche Bank AG       6.20   6/22/2015     EUR    71.60
Deutsche Bank AG       7.20   6/22/2015     EUR    72.10
Deutsche Bank AG       6.20   9/22/2015     EUR    72.90
Deutsche Bank AG       5.20   9/22/2015     EUR    72.20
UniCredit Bank AG      5.00   6/25/2015     EUR    57.82
DZ Bank AG Deutsche    5.75   3/13/2015     EUR    71.28
UniCredit Bank AG      6.25   6/25/2015     EUR    56.48
DZ Bank AG Deutsche   16.00   5/22/2015     EUR    62.27
UniCredit Bank AG      6.00   6/25/2015     EUR    74.87
HSBC Trinkaus & Bur    6.25   1/23/2015     EUR    74.63
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    68.97
UBS AG                10.50   3/27/2015     EUR    60.61
DZ Bank AG Deutsche    5.75   1/16/2015     EUR    73.20
DZ Bank AG Deutsche    6.75   3/13/2015     EUR    73.70
DZ Bank AG Deutsche    5.00   3/13/2015     EUR    68.34
DZ Bank AG Deutsche   10.50   5/22/2015     EUR    57.81
Vontobel Financial     4.00   9/11/2015     EUR    72.39
Credit Suisse AG/Lo    9.00  12/18/2015     USD    57.51
UniCredit Bank AG      4.25   6/25/2015     EUR    60.23
Bank Julius Baer &    15.25    6/4/2015     CHF    55.50
UBS AG                10.25   6/26/2015     EUR    68.93
SAir Group             2.75   7/30/2004     CHF    11.00
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    63.90
HSBC Trinkaus & Bur   12.00   1/23/2015     EUR    70.82
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.27
HSBC Trinkaus & Bur   11.50   1/23/2015     EUR    73.85
HSBC Trinkaus & Bur   10.25   1/23/2015     EUR    74.87
Vontobel Financial     4.25   9/11/2015     EUR    74.35
Vontobel Financial     4.95   9/11/2015     EUR    74.82
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    68.10
DZ Bank AG Deutsche    5.50   7/10/2015     EUR    74.16
UniCredit Bank AG      6.50   6/25/2015     EUR    56.01
UBS AG                 9.50  12/29/2015     EUR    71.94
Vontobel Financial     4.85   9/11/2015     EUR    72.97
Vontobel Financial     5.60   9/11/2015     EUR    73.48
UniCredit Bank AG      4.75   6/25/2015     EUR    59.06
Vontobel Financial     4.65   6/12/2015     EUR    71.85
UniCredit Bank AG      6.10   6/25/2015     EUR    57.05
UBS AG                12.25   9/25/2015     EUR    70.47
Bank Julius Baer &    11.25    6/3/2015     CHF    54.15
HSBC Trinkaus & Bur    9.25   1/23/2015     EUR    68.11
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    67.41
UBS AG                11.75   6/26/2015     EUR    74.59
HSBC Trinkaus & Bur    9.25   1/23/2015     EUR    56.50
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    72.32
HSBC Trinkaus & Bur   15.50   3/27/2015     EUR    49.32
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    74.89
HSBC Trinkaus & Bur   17.50   3/27/2015     EUR    71.73
HSBC Trinkaus & Bur   10.00   6/26/2015     EUR    74.31
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    71.48
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    67.89
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    59.78
HSBC Trinkaus & Bur   16.50   3/27/2015     EUR    72.28
UBS AG/London          7.75   5/28/2015     CHF    45.61
UBS AG                13.75   3/27/2015     EUR    67.06
Deutsche Bank AG       6.00   6/22/2015     EUR    71.40
Deutsche Bank AG       7.00   6/22/2015     EUR    67.90
Deutsche Bank AG       8.00   6/22/2015     EUR    68.40
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.37
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    66.36
HSBC Trinkaus & Bur    7.00   6/26/2015     EUR    73.53
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    73.51
Credit Suisse AG/Lo    7.60  10/15/2015     CHF    70.71
HSBC Trinkaus & Bur   11.50   6/26/2015     EUR    65.74
Commerzbank AG         7.50   5/21/2015     EUR    72.46
Deutsche Bank AG       6.00   6/22/2015     EUR    73.10
Deutsche Bank AG       6.00   6/22/2015     EUR    69.80
Deutsche Bank AG       8.00   6/22/2015     EUR    70.70
Deutsche Bank AG       5.20   9/22/2015     EUR    73.90
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    66.17
UBS AG                 6.75   9/25/2015     EUR    72.80
Vontobel Financial     6.40   6/26/2015     EUR    68.25
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    67.96
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    52.97
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    72.63
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    69.69
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    70.11
HSBC Trinkaus & Bur    7.00   9/25/2015     EUR    74.48
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    74.45
Vontobel Financial     5.10   6/26/2015     EUR    69.59
Deutsche Bank AG       6.20   9/22/2015     EUR    74.60
Deutsche Bank AG       7.00   6/22/2015     EUR    73.60
Deutsche Bank AG       7.00   6/22/2015     EUR    71.90
Deutsche Bank AG       7.00   6/22/2015     EUR    70.30
Deutsche Bank AG       8.00   6/22/2015     EUR    72.40
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    69.03
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    72.20
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    63.52
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    69.15
Zurcher Kantonalban    8.10    6/3/2015     EUR    74.91
Goldman Sachs & Co     8.00   3/25/2015     EUR    73.14
Goldman Sachs & Co     8.00   3/25/2015     EUR    74.07
Vontobel Financial     6.50   8/14/2015     EUR    68.40
Vontobel Financial     6.30   6/26/2015     EUR    72.18
Goldman Sachs & Co    16.00   3/25/2015     EUR    70.15
Vontobel Financial     6.50   6/26/2015     EUR    74.01
Vontobel Financial     5.30   9/11/2015     EUR    73.28
Vontobel Financial     5.85   6/12/2015     EUR    72.37
Vontobel Financial     5.30   7/10/2015     EUR    72.49
Vontobel Financial     3.75   7/10/2015     EUR    71.70
DZ Bank AG Deutsche    7.25   6/26/2015     EUR    74.86
Banque Cantonale Va   10.00   2/10/2015     CHF    57.50
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    73.98
HSBC Trinkaus & Bur    6.25   1/23/2015     EUR    63.53
DZ Bank AG Deutsche    7.25   1/16/2015     EUR    67.64
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    57.70
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    54.61
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    73.92
Deutsche Bank AG       8.00   6/22/2015     EUR    74.10
Goldman Sachs & Co    16.00   5/20/2015     EUR    71.85
Bank Julius Baer &    12.25   4/24/2015     USD    71.15
Bank Julius Baer &     7.80   2/27/2015     USD    72.85
UBS AG/London          8.50   2/19/2015     CHF    71.63
UBS AG/London         16.50   2/19/2015     CHF    63.63
Goldman Sachs & Co    10.00   3/25/2015     EUR    68.46
Goldman Sachs & Co    14.00   3/25/2015     EUR    60.82
Vontobel Financial     6.85   3/27/2015     EUR    73.91
Commerzbank AG         8.00   5/21/2015     EUR    73.37
Notenstein Privatba    7.40  10/31/2016     CHF    48.84
Bank Julius Baer &     8.00   2/25/2015     CHF    47.55
DZ Bank AG Deutsche    5.00   2/13/2015     EUR    70.74
DZ Bank AG Deutsche    5.00   8/14/2015     EUR    71.74
UniCredit Bank AG      6.00   6/24/2015     EUR    72.30
Goldman Sachs & Co     7.00   3/25/2015     EUR    71.15
Commerzbank AG         6.00   6/25/2015     EUR    74.16
Vontobel Financial     7.50   6/26/2015     EUR    73.80
UniCredit Bank AG      4.30   6/24/2015     EUR    59.90
Bayerische Landesba    3.40   6/19/2015     EUR    74.94
UBS AG/London          6.75    7/2/2015     CHF    71.37
DZ Bank AG Deutsche    6.00    3/6/2015     EUR    73.97
Vontobel Financial    10.85   4/17/2015     EUR    65.79
Vontobel Financial     8.40   1/16/2015     EUR    66.75
Vontobel Financial     7.05   6/12/2015     EUR    70.64
Vontobel Financial     8.25   6/12/2015     EUR    68.81
Vontobel Financial     9.65   6/12/2015     EUR    67.22
Vontobel Financial    10.55   6/12/2015     EUR    66.22
UBS AG/London         14.50   9/25/2015     EUR    67.99


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                 * * * End of Transmission * * *